Tax Credits to Build More Housing. President Biden is calling for an expansion of the Low-Income Housing Tax Credit to build or preserve 1.2 million more affordable rental units. Renters living in these properties save hundreds of dollars each month on their rent compared with renters with similar incomes who rent in the unsubsidized market. The President is also calling for a new Neighborhood Homes Tax Credit, the first tax provision to build or renovate affordable homes for homeownership, which would lead to the construction or preservation of over 400,000 starter homes in communities throughout the country.
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