Democrats and advocacy groups are at odds over how to help first-time homebuyers as part of a massive social spending package, clouding the fate of housing proposals floated as part of the $3.5 trillion budget bill
Bills by Sen. Raphael Warnock and House Financial Services Chair Maxine Waters put dramatically different price tags on programs that would give first-time, first-generation buyers up to $25,000 in direct payments to purchase homes. | Evelyn Hockstein- Pool/Getty Images.Americans struggling to enter the housing market — especially people of color — amid surging prices.
The debate among housing advocates, civil rights groups and key lawmakers underscores the complications Democrats face as they try to advance economic and racial-equity priorities intertwined Potential homebuyers who are white have, on average, much deeper pockets to tap for help with their down payment. The median wealth of young white adults’ parents, $215,000, far exceeds that of the parents of young Black adults — $14,400.
“Young people in their 20s and 30s are simply unable to afford to buy their first house,” Wyden said in a statement. “They can often afford the monthly payments but don’t have the money to make that down payment and still have a financial cushion, particularly if they come from a family that doesn’t have significant wealth.”
Aides for Wyden said the tax code was an easier way to deliver the assistance than setting up a new program and added that tax payments have been among the most efficient methods of delivering relief during the pandemic.
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