Biden Releases $640 Billion Housing Plan – NMP Skip to main content

Biden Releases $640 Billion Housing Plan

Phil Hall
Feb 24, 2020
Photo credit: Getty Images/Hoaru

Former Vice President Joe Biden is seeking to reanimate his struggling campaign for the Democratic presidential nomination with a new $640 billion housing plan that includes tax credits for first-time homebuyers and low-income renters.
 
According to a Bloomberg News report, the Biden plan would reverse Trump Administration rollbacks of Obama era policies related to enforcement actions against discriminatory lending practices and restores the Consumer Financial Protection Bureau’s ability to enforce settlements against lenders found to have engaged in discriminatory practices. The plan also includes a tax credit of up to $15,000 for first-time homebuyers that would be financed with higher taxes on wealthy individuals and corporations. The plan envisions more federal aid for lower income renters and the creation of a task force to combat homelessness.
 
Furthermore, Biden is proposing the creation of a $100 billion affordable housing fund to build new homes and upgrade existing ones. This would include $20 billion for the Housing Trust Fund, paid for with an increase in the assessment on Fannie Mae and Freddie Mac.
 
Housing policies have not been a major focus of the Democratic presidential nomination race.
 
The Biden plan comes ahead of the Feb. 29 South Carolina primary and the March 3 Super Tuesday event that includes a primary in California. Two unnamed sources identified by Bloomberg News as Biden advisers noted the plan was being released at this time to secure the backing of African American and Hispanic voters in the primary states, where Biden’s earlier lead has been eroded by the campaign of Vermont Sen. Bernie Sanders.

 
Published
Feb 24, 2020
Homeward Lays Off 20% Of Staff

Alternative real estate financing company cut about 120 jobs.

Industry News
Aug 12, 2022
Lone Peak Lending Joins Panorama Mortgage Group

Names Donovan Stamps as president.

Industry News
Aug 11, 2022
Fairway Independent Mortgage Hires Former PrimeLending President

Firm says Scott Bristol is part of aggressive originator expansion.

Career
Aug 11, 2022
Mortgage Rates Jump Back Above 5%

Freddie Mac says rates recent volatility continues.

Industry News
Aug 11, 2022
Redfin: Share Of Relocating Buyers At All-Time High In July

People are looking for less expensive and better lifestyles.

Industry News
Aug 11, 2022
Redfin Expands iBuying Business To Florida

RedfinNow, which makes cash offers for homes, now operates in 34 markets in 16 states and the District of Columbia.

Tech
Aug 11, 2022