{"id":1841,"date":"2023-03-11T19:50:33","date_gmt":"2023-03-11T19:50:33","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/03\/11\/president-bidens-proposed-budget-attempts-to-help-low-income-renters-and-homebuyers\/"},"modified":"2023-03-11T19:50:33","modified_gmt":"2023-03-11T19:50:33","slug":"president-bidens-proposed-budget-attempts-to-help-low-income-renters-and-homebuyers","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2023\/03\/11\/president-bidens-proposed-budget-attempts-to-help-low-income-renters-and-homebuyers\/","title":{"rendered":"President Biden\u2019s Proposed Budget Attempts To Help Low-Income Renters and Homebuyers"},"content":{"rendered":"

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Chip Somodevilla via Getty Images<\/p>\n

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Joe Biden <\/strong>has big plans to increase the amount of affordable housing throughout America and help lower-income renters and would-be homeowners.<\/p>\n

The president released his proposed 2024 budget<\/a> on Thursday, which outlines his administration\u2019s plans to increase the Department of Housing and Urban Development\u2019s budget by 1.6%. This would bring HUD\u2019s funding to $73.3 billion in 2024. But this budget is regarded as more aspirational as it is unlikely to pass through a Republican-controlled House of Representatives in its current form.<\/p>\n

\u201cThe Budget invests in Americans at every station in life\u2014from those seeking to purchase a home to those who receive HUD rental assistance\u2014and will ensure families across the country can live in communities that are safe, affordable, and resilient,\u201d HUD Secretary Marcia Fudge said in a statement.<\/p>\n

The budget prioritizes helping lower-income renters, helping more people from underserved communities become homeowners, and increasing the supply of affordable housing. Biden also is putting more money toward ending homelessness and preventing and addressing housing discrimination.<\/p>\n

Many are skeptical that additional funding will turn much around. During Biden\u2019s two years in office, housing has become more, not less, expensive<\/a>\u00a0and many Americans are struggling to pay their rent<\/a> and mortgages.<\/p>\n

\u201cThe problem is, this doubles down on 50 to 60 years of failed federal housing policy,\u201d says\u00a0Ed Pinto<\/strong>, director of the American Enterprise Institute\u2019s Housing Center. AEI is a conservative-leaning think tank. \u201cThe money ends up being siphoned off by the builders, the government agencies, and nonprofits, and it never gets to benefit the people they say it\u2019s going to benefit.\u201d<\/p>\n

Some of the key points of the president\u2019s budget include increasing the pool of money available for housing vouchers, which 2.3 million low-income families who rent their homes use to help pay their landlords. The administration expects an additional $2.4 billion would maintain the existing vouchers and expand access to an additional 200,000 new families, including youth aging out of foster care, those facing homelessness, and low-income veterans.<\/p>\n

In addition, more money would be set aside for eviction prevention, which includes emergency rental assistance and legal assistance to those at risk of losing their homes.<\/p>\n

Money would be earmarked for fair housing organizations focused on eliminating housing discrimination<\/a>.<\/p>\n

Biden is also prioritizing building and rehabbing affordable rentals<\/a> and homes for sale. This includes creating more reasonably priced homes for tribal communities and modernizing and rehabbing the nation\u2019s public housing.<\/p>\n

The president is also focused on expanding opportunities for homeownership. The budget also aims to create a down payment assistance program for first-generation homebuyers from communities of color.<\/p>\n

It also touted the Federal Housing Administration\u2019s recent announcement that it will reduce the mortgage insurance premiums by a third. Most buyers who don\u2019t put down 20% on their home purchases are required to carry the insurance. The cut is expected to save FHA borrowers about $800 in their first year of homeownership.<\/p>\n

Pinto believes the FHA premium reduction will ironically wind up making housing less affordable for the very people trying to become homeowners. By making homeownership more affordable for buyers, it will drive up the demand for housing, he says. That typically leads to higher prices as well as bidding wars when there aren\u2019t enough homes to go around.<\/p>\n

\u201cIf you increase demand and don\u2019t increase supply, prices go up,\u201d says Pinto.<\/p>\n

The post President Biden\u2019s Proposed Budget Attempts To Help Low-Income Renters and Homebuyers<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Chip Somodevilla via Getty Images Joe Biden has big plans to increase the amount of affordable housing throughout America and help lower-income renters and would-be homeowners. The president released his proposed 2024 budget on Thursday, which outlines his administration\u2019s plans to increase the Department of Housing and Urban Development\u2019s budget by 1.6%. This would bring…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":1842,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1841","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/1841","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=1841"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/1841\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/1842"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=1841"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=1841"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=1841"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}