Measure seeks tax credit for first-time homebuyer down payments

Senate Finance Committee Chair Sen. Ron Wyden (D-OR) has introduced legislation he said would offer first-time homebuyers a down payment tax credit and expand homeownership opportunities.

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Proponents noted the Decent, Affordable, Safe Housing for All (DASH) Act would house everyone experiencing homelessness within five years and prioritize children and families for placement by issuing a Housing Choice Voucher; expand health, child care, financial and nutrition services for families and individuals to stay on a path to unassisted housing stability; and increase deeply affordable housing production for families exiting homelessness and low-income households by investing in effective existing programs.

“The nation’s housing crisis has been growing steadily for decades, and with every year that passes, more people struggle to keep a roof over their heads, and more people wind up on the street,” Wyden said. “It’s long past time for federal policy to reflect the fact that housing is a human right. In a nation as wealthy as ours, no child should grow up without a home. It’s clear that people experiencing homelessness need a lot more help than they’re getting today, and doing more to prevent homelessness in the future will save a lot of individual suffering and taxpayer dollars.”

Additionally, the legislation would reform the tax code to strengthen the Low-Income Housing Tax Credit (LIHTC), create a Renter’s Tax Credit and Middle-Income Housing Tax Credit (MIHTC), and include a down payment tax credit for first-time homebuyers.