The Housing Affordability Credit Act helps people afford homes by offering a tax credit for new homebuyers. This support encourages home ownership, especially for those who haven't bought a home recently.
If you buy a home and meet the income requirements, you could receive a $5,000 tax credit to help with costs.
Who this affects
Individuals purchasing homes · Couples purchasing homes
What changes is this bill making?
1This bill creates a new tax credit for homebuyers.
2Individuals can receive a $5,000 credit when buying a home.
3Couples filing jointly can get a credit of $10,000.
4To qualify, buyers must not have received this credit in the last four years.
5The credit decreases for individuals earning over $250,000.
