President-Elect Joe Biden has proposed a $640 billion housing plan, and he wants to help more Americans become homeowners. He plans to give first-time home buyers a downpayment tax credit of up to $15,000 that they could actually use at the time of purchase. As home prices have soared in recent years, this could be a big help to many cash-strapped buyers.
Under Biden's plan, teachers, first responders, and other public and national service workers would also be eligible for down payment assistance and lower home prices.
He's proposed creating a national standard for appraising homes to make sure properties in communities of color wouldn't be assessed for less than similar homes in comparable white neighborhoods.
In addition, Biden has proposed creating a public credit agency that would help raise the scores of minority home buyers by considering things like rental payment histories and utility bills paid on time. This could help more buyers qualify for mortgages with lower fees and rates.
Biden has also said he will require and incentivize local and state governments to do away with regulations that perpetuate segregation and make it harder for builders to put up new housing.