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Family Growth and Investment Act Passed, Boosting Affordable Housing

 
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New legislation aims to increase affordable housing opportunities for families.

description: a diverse group of families smiling in front of newly purchased homes, symbolizing the impact of the family growth and investment act on homeownership opportunities.

Published by Peter Lawrence on Wednesday, December 20, 2023 - 10:57AM. WASHINGTON, D.C. – The Tax Relief for American Families and Workers Act locks in $600 billion in pro-growth, pro-worker tax policies from the Biden administration. This legislation aims to support families and workers across the country by providing tax relief and incentives for investment in affordable housing.

A bill introduced in the House and Senate would prevent hedge funds from owning single-family houses in the United States. This move is seen as a way to prioritize homeownership for families and individuals looking to purchase their own homes without facing competition from large investment firms.

Enacting the Neighborhood Homes Investment Act (NHIA), which would establish a program to provide tax credits for the rehabilitation of single-family homes in distressed neighborhoods. This initiative aims to revitalize communities and increase the availability of affordable housing for families in need.

The Biden administration has released a sweeping Housing Supply Action Plan to increase the amount of affordable housing across the country. This plan includes measures to streamline the development process, incentivize the construction of new homes, and address housing shortages in high-demand areas.

WASHINGTON, D.C. – Today, U.S. Senator Sherrod Brown (D-OH), Chair of the Senate Banking, Housing, and Urban Affairs Committee, announced the passage of the Family Growth and Investment Act. This legislation is designed to support families in achieving homeownership and investing in their future through affordable housing options.

Real estate investors still account for a significant number of single-family home purchases, buying 26% of all homes sold in June 2023, according to recent data. The Family Growth and Investment Act aims to level the playing field for families looking to buy homes by limiting the influence of investors in the housing market.

If passed, the End Hedge Fund Control of American Homes Act would add over half a million properties back into the housing market, creating more opportunities for families to purchase affordable homes. This legislation is part of a broader effort to address housing affordability issues and promote sustainable homeownership.

The American Recovery and Reinvestment Act of 2009 (ARRA) was legislation passed by the U.S. Congress to reverse unemployment caused by the financial crisis. The Family Growth and Investment Act builds on this legacy by supporting economic growth and stability through investments in affordable housing.

NASHVILLE, Tenn. – On Friday, Tennessee Governor Bill Lee marked the close of the 2023 legislative session, which includes the successful passage of the Family Growth and Investment Act. This bipartisan effort aims to support families and communities across the state by increasing access to affordable housing options.

Labels:
family growth and investment actaffordable housinghomeownershiplegislationhousing marketreal estate investorstax incentiveshousing affordabilityeconomic growthcommunity development

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