politics
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This is the best summary I could come up with:
Through its backing of a proposal known as the Neighborhood Homes Investment Act, it would "promote homeownership for an additional 500,000 households while increasing neighborhood revitalization investments," Lael Brainard, the director of the White House's National Economic Council, said in a speech on Thursday when he urged Congress to act on the proposal.
The act will introduce a new federal tax credit to help fund "the development and renovation of 1-4 family housing in distressed urban, suburban, and rural neighborhoods," according to a draft of the bill.
The legislation introduced by Senators Ben Cardin, a Democrat from Maryland, and Todd Young, a Republican from Indiana, could help 500,000 homes and generate $125 billion in development revenue over the next decade, the lawmakers said earlier this year.
The housing market is in the midst of a convulsion fueled by the Federal Reserve's effort to fight record inflation.
Home prices were nearly 6 times the median potential first-time homebuyer income in the third quarter, according to NerdWallet's recent analysis.
Biden has proposed, through his budget a program, down payment assistance for first-time home buyers that the White House said will uplift first-generation homeowners.
The original article contains 499 words, the summary contains 191 words. Saved 62%. I'm a bot and I'm open source!