President Biden Unveils Sweeping Plan to Lower Housing Costs for Working Families

President Biden Unveils Sweeping Plan to Lower Housing Costs for Working Families

Biden is urging Congress to enact legislation facilitating more Americans’ access to homes, acknowledging the pivotal role of homeownership in family well-being and economic prosperity.

By Stacy M. Brown

NNPA Newswire Senior National Correspondent

In a move to tackle the escalating housing crisis, President Biden has revealed a comprehensive plan to build and preserve over 2 million new homes, coupled with strategic measures to alleviate homeownership and rental expenses.

Biden is urging Congress to enact legislation facilitating more Americans’ access to homes, acknowledging the pivotal role of homeownership in family well-being and economic prosperity. The president also advocates for a mortgage relief credit, extending an annual tax credit of $5,000 to middle-class first-time homebuyers for two years. This initiative is expected to help over 3.5 million families realize their dream of homeownership over the next two years.

To address the current scenario where homeowners are hesitant to sell due to favorable mortgage rates, the president proposes a one-year tax credit of up to $10,000 for middle-class families selling their starter homes. The move is estimated to benefit approximately 3 million families.

Biden has urged Congress to allocate up to $25,000 in down payment assistance for first-generation homebuyers, supporting an estimated 400,000 families in overcoming financial barriers to homeownership.

In addition to these legislative proposals, President Biden has taken immediate action through the Department of Housing and Urban Development (HUD), reducing mortgage insurance premiums and announcing measures to lower closing costs for refinancing and home mortgages.

Biden said he’s pressing Congress to pass legislation facilitating the construction and renovation of over 2 million homes. The president also called for expanding the Low-Income Housing Tax Credit to construct or preserve 1.2 million more affordable rental units. A proposed Neighborhood Homes Tax Credit aims to build or renovate over 400,000 starter homes for homeownership.

Further, the administration has introduced a $20 billion competitive grant fund to support communities in building more housing, which would create hundreds of thousands of units, address the shortage, and lower rental and homebuying costs.

The White House also announced proposals to increase contributions from Federal Home Loan Banks to the Affordable Housing Program, doubling the annual contribution to 20%, which is anticipated to raise an additional $3.79 billion for affordable housing over the next decade, assisting nearly 380,000 households.

In parallel efforts to address rental affordability and stability, Biden announced steps to combat unfair practices by cracking down on corporate landlords engaging in illegal practices that inflate rents. The administration is calling on federal agencies to address anti-competitive measures contributing to rent hikes.

Biden also said he’s seeking to tackle burdensome renter fees, including misleading and hidden fees. Building on actions by the FTC and HUD, the administration said it aims to ban such fees, ensuring transparency in rental agreements.

Biden has demanded that Congress expand rental assistance to over half a million households, including low-income veterans and youth aging out of foster care, marking historic voucher guarantees.

The White House said the expansive plan underscores the Biden administration’s commitment to making homeownership and rental housing more accessible, meeting the needs of working families, and fostering a fair and stable housing market.

“President Biden believes housing costs are too high and that significant investments are needed to address the large shortage of affordable homes inherited from his predecessor, which has been growing for more than a decade,” administration officials stated in a news release. They noted that, during his State of the Union Address, Biden called on Congressional Republicans to end years of inaction and pass legislation to lower costs by providing a $10,000 tax credit for first-time homebuyers and people who sell their starter homes, build, and renovate more than 2 million homes; and lower rental costs. Biden also announced new steps to lower homebuying and refinancing closing costs and crack down on corporate actions that rip off renters.

“We are starting to see some progress. More housing units are under construction right now than at any time in the last 50 years, rents have fallen over the last year in many places, and the homeownership rate is higher now than before the pandemic,” the White House stated. “But rent is still too high, and Americans who want to buy a home still have difficulty finding one they can afford. That is why President Biden has a landmark plan to build over 2 million homes, which will lower rents, make houses more affordable, and promote fair housing.”

October 16, 2023, HOUSTON, TX – Congressional Candidate Amanda Edwards has raised over $1 million in less than 4 months, a substantial sum that helps bolster the frontrunner status of the former At-Large Houston City Council Member in her bid for U.S. Congress. Edwards raised over $433,000 in Q3 of 2023. This strong Q3 report expands on a successful Q2 where Edwards announced just 11 days after declaring her candidacy that she had raised over $600,000. With over $829,000 in cash-on-hand at the end of the September 30th financial reporting period, Edwards proves again that she is the clear frontrunner in the race. “I am beyond grateful for the strong outpouring of support that will help me to win this race and serve the incredible people of the 18th Congressional District,” said Edwards. “We are at a critical juncture in our nation’s trajectory, and we need to send servant leaders to Congress who can deliver the results the community deserves. The strong support from our supporters will help us to cultivate an 18th Congressional District where everyone in it can thrive.” Edwards said. “Amanda understands the challenges that the hard-working folks of the 18th Congressional District face because she has never lost sight of who she is or where she comes from; she was born and raised right here in the 18th Congressional District of Houston,” said Kathryn McNiel, spokesperson for Edwards’ campaign. Edwards has been endorsed by Higher Heights PAC, Collective PAC, Krimson PAC, and the Brady PAC. She has also been supported by Beto O’Rourke, among many others. About Amanda: Amanda is a native Houstonian, attorney and former At-Large Houston City Council Member. Amanda is a graduate of Eisenhower High School in Aldine ISD. Edwards earned a B.A. from Emory University and a J.D. from Harvard Law School. Edwards practiced law at Vinson & Elkins LLP and Bracewell LLP before entering public service. Edwards is a life-long member of St. Monica Catholic Church in Acres Homes. For more information, please visit

As September 13th rolls around, we extend our warmest birthday wishes to the creative powerhouse, Tyler Perry, a man whose indomitable spirit and groundbreaking work have left an indelible mark on the world of entertainment. With his multifaceted talents as an actor, playwright, screenwriter, producer, and director, Tyler Perry has not only entertained but also inspired audiences worldwide, particularly within the African-American community, where his influence and role have been nothing short of powerful. Born in New Orleans, Louisiana, in 1969, Tyler Perry’s journey to stardom was a path riddled with adversity. Raised in a turbulent household, he found refuge in writing, using it as a therapeutic outlet. This period of introspection gave rise to one of his most iconic creations, Madea, a vivacious, no-nonsense grandmother who would later become a beloved figure in Perry’s works, offering a unique blend of humor and profound life lessons. Despite facing numerous challenges, including rejection and financial struggles, Perry’s determination and unwavering belief in his abilities propelled him forward. In 1992, he staged his first play, “I Know I’ve Been Changed,” which, although met with limited success, was a pivotal moment in his career. Unfazed by initial setbacks, Perry continued to hone his craft, and by 1998, he had successfully produced a string of stage plays that showcased his storytelling prowess.

Calling all teenage student-athletes! If you have dreams of playing college soccer and wish to represent an HBCU, the HBCU ID Camp is your golden opportunity. From 8 am to 5 pm on November 11-12, Houston Sports Park will transform into a hub for aspiring male and female soccer players. Coaches from HBCUs across the nation will be present to evaluate, scout, and offer valuable feedback. Moreover, they might even spot the next soccer prodigy to join their collegiate soccer programs. This camp is not just about honing your soccer skills but also a chance to connect with the HBCU soccer community. You’ll learn the ins and outs of what it takes to excel on the field and in the classroom, which is crucial for a college athlete. The HBCU ID Camp is an excellent platform to network with coaches, learn from experienced athletes, and take the first steps toward your college soccer journey. To secure your spot at this incredible event, don’t forget to register [here](insert registration link). Space is limited to 120 participants, so make sure to reserve your place before it’s too late. It’s time to turn your dreams of playing college soccer into a reality.

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