Skip to main content

Senator Seeks New Homebuyer Tax Credit

Phil Hall
Jul 18, 2016
Sen. Ron Wyden (D-OR) has introduced legislation that would provide a refundable tax credit for certain first-time homebuyers

Sen. Ron Wyden (D-OR) has introduced legislation that would provide a refundable tax credit for certain first-time homebuyers.

Under S.3175, also known as the First-Time Homebuyer Credit Act of 2016, first-time homebuyers are eligible to a refundable tax credit of up to $10,000, which would be equal to 2.5 percent of the purchase price for homes that are acquired for less than $600,000. Homes purchased between the $600,000 and $700,000 range could receive a smaller credit that would be calculated by reducing the maximum credit by the amount that the purchase price is higher than $600,000. The tax credit would be also be determined based on annual incomes.

“Our country’s housing policy needs a remodel,” said Wyden, ranking member of the U.S. Senate Finance Committee. “We have too many people working hard to support their families who can’t afford rent much less even think about buying their first home. The federal government needs to do more to repair the housing crisis at all levels, working closely with state and local governments. That includes making sure we are adequately funding effective programs to help people experiencing homelessness, getting low-income families access to quality housing, and making sure middle class Americans can afford rent or their first home.” 

Published
Jul 18, 2016
Mortgage Forbearance Changes Create Challenges for Servicers

65% Of All Plans Would Expire By The End of 2021

Regulation and Compliance
Aug 02, 2021
CFPB Reports Trends In Financial Assistance

The latest developments from this study reveal that most consumers have exited the payment assistance they received at the start of the pandemic.

Analysis and Data
Jul 14, 2021
CFPB Orders GreenSky To Refund $9M In Unauthorized Loans

The consent order requires GreenSky to refund or cancel up to $9 million in loans for the customers harmed by this illegal conduct.

Regulation and Compliance
Jul 13, 2021
CFPB Warns Landlords And Consumer Reporting Agencies To Report Accurate Rental Information

Inaccurate rental or eviction information can unfairly block families and individuals from safe, affordable housing.

Regulation and Compliance
Jul 01, 2021
FHFA Mandates Quarterly Fair Lending Reports

FHFA issued orders for all enterprises to submit quarterly Fair Lending Reports with data and information to improve the FHFA’s capabilities. 

Regulation and Compliance
Jul 01, 2021
FHFA Follows CFPB To Protect Borrowers Once COVID-19 Foreclosure And Eviction Moratoriums End

The Federal Housing Finance Agency made it clear that Fannie Mae and Freddie Mac servicers are not permitted to make first notice or filing for foreclosure that would be prohibited by the CFPB protections for borrowers affected by COVID-19.

Regulation and Compliance
Jun 30, 2021