A new piece of legislation proposed by one of the top Democrats in the Senate would seek to extend a tax credit for first-time homebuyers as well as promote the construction of affordable housing across the country.
The Decent, Affordable, Safe Housing for All Act would seek to address major gaps in the U.S. housing industry in part by “greatly increasing the production of deeply affordable housing for families exiting homelessness and for low-income households by investing in effective, efficient existing programs and reforming the tax code,” U.S. Sen. Ron Wyden’s office said in a press release.
The bill would move to “strengthen the Low-Income Housing Tax Credit” as well as “establish a Renter’s Tax Credit and Middle-Income Housing Tax Credit.”
The measure would also “inves[t] in homeownership in underserved communities and for low income Americans with new tax credits and down payment assistance, including a down payment tax credit for first-time homebuyers.”
“America is amidst a serious crisis of housing affordability, and it’s a big challenge that demands big, bold solutions,” Wyden said in the release. “As housing prices skyrocket, a generation of young people are increasingly locked out of homeownership.”