Joe Biden on Monday unveiled a $640 billion housing plan that includes a $15,000 tax credit for all first-time homebuyers.
The Democratic presidential candidate’s plan includes six “Biden principles for housing”: affordability, stability, safety and health, accessibility, energy efficiency and resilience, and closeness to good schools and jobs.
The $15,000 home tax credit would be accessible to an individual at the time of a home purchase and is aimed at reducing the wealth gap experienced by black and Hispanic communities due to their lower rates of home ownership.
The former vice president also wants to end “redlining,” the practice of banks denying services to people in a particular area that historically has been used to discriminate against minorities; roll back Trump administration policies that he says are “gutting fair lending and fair housing protections for homeowners”; and increase the supply of housing by lessening local zoning and land use regulations.
The plan would be paid for by raising taxes on corporations and large financial institutions, including a specific fee on “certain liabilities of firms with over $50 billion in assets.”
