Biden to call on Congress to pass budget with $258B in housing investments

President Biden to call on Congress to pass his budget that includes $258 billion in housing investments while he is in Nevada on Tuesday.

The president is set to give remarks in Las Vegas, where he will outline that his plan includes mortgage relief credit, which would provide middle-class first-time homebuyers with a tax credit of $10,000 over two years, and down payment assistance for first-generation homeowners of up to $25,000.

Also, his plan would aim to lower closing costs by waiving the requirement for lender’s title insurance on certain refinances and would include an initiative to build and renovate more than 2 million homes.

While in Nevada, he will also unveil a new $20 billion competitive grant fund as part of his proposed budget to support the construction of affordable multifamily rental units and to help with the construction of new starter homes for middle-class families. 

He has proposed increasing banks’ contributions to building affordable homes and providing $8 billion for a new grant program to expand temporary and permanent housing for people experiencing or at risk of homelessness.

Biden unveiled his budget last week, which was a sweeping $7.3 trillion request for 2025 with proposals like raising taxes on wealthy Americans and corporations.

He will outline that his plan for affordable housing would build on the American Rescue Plan, which was signed into law in 2021. That legislation provided $1 billion to Nevada to help boost affordable housing and lower housing costs.

Within the $1 billion, $700 million was invested in affordable housing supply and senior housing. Biden will note that in Clark County, about 1,000 new senior apartments are being built because of the American Rescue Plan funding.

Biden is traveling to Nevada and Arizona, where he is also expected to target former President Trump on top issues like abortion rights, supporting unions, securing the border, and defending democracy.