Housing affordability is addressed from multiple angles. Supply-side incentives aim to increase the number of available units over the medium term, while demand-side tax changes provide more immediate relief for first-time buyers.
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First-Time Buyer Credits
The first-time homebuyer credit is expanded to $15,000 for buyers who have not owned a primary residence in the past 3 years, phasing out between $100,000 and $140,000 of adjusted gross income for single filers. The credit is now fully refundable.
Core Takeaway
The credit applies to contracts signed after the bill's enactment and before December 31, 2029. Buyers in competitive markets should move quickly once implementation guidance is published.