Making Housing Affordable

Housing costs are out of control, and hard-working families in Michigan are paying the price. As homeownership grows increasingly out of reach, Americans are struggling to start a family and put down roots. That’s why I’m working to Revive the American Dream by making long overdue changes that will finally put more families in a home that works for them.

My Blueprint for a Better America already includes seven bills to cut red tape, encourage more home construction and sales, and lower costs to help more folks achieve the dream of homeownership. Now, I’m introducing four more bills and helping lead two others to remove more of the barriers to owning a home:

First-Time Homeowner Savings Account Act (H.R. 7756)
Setting aside enough money for a down payment can be a challenge for families who want to buy a home. This bill will help Americans create tax-free homeowner savings accounts similar to individual retirement accounts. Individuals could use funds in the account to buy, build, or repair a first home.

First Look for First-Time Homebuyers Act (H.R. 7753)
Families looking for their first home deserve a fair chance to make a purchase. When federal housing and lending agencies foreclose on a single-family house and put it up for sale, this bill will give first-time homebuyers an exclusive 15-day window to have a first look and buy the home before big corporations get the chance.

Take Your Rate Act (H.R. 7754)
Homeowners fortunate enough to have a low interest rate on their mortgage often feel no incentive to sell their home due to the risk of losing their current rate. Instead, many of them choose to stay in their home even if they’d prefer to relocate, upsize, or downsize. My bill will take a step toward creating portable mortgage rates, which would allow homeowners to maintain their low interest rate when buying a new home. This will put more starter homes on the market for first-time homebuyers and young families.

Housing for Our Hometown Heroes Act (H.R. 7755)
The men and women who dedicate their lives to serving in law enforcement, emergency response, and education should be able to put down roots in our communities. This bill will take a step toward launching a federal program to support loans with zero down payment required for these public services professionals buying their first home. 

American Family Housing Act (H.R. 7186)
Large investment firms and foreign corporations treat housing like a stock portfolio, buying up properties in our communities and pricing families out of the market. This bill will prohibit large-scale investment companies from buying up single-family homes — directly or indirectly. This will ensure more houses are available for mid-Michigan families looking for a new home.

More Homes on the Market Act (H.R. 1340)
The principal residence exemption on capital gains taxes was designed to incentivize sellers and put more homes on the market. However, this tax exemption hasn’t increased since 1997, even as housing prices have risen significantly over the last 30 years. This bill will double the exemption from the capital gains tax for the sale of a principal residence to $500,000 for an individual or $1,000,000 for a couple to make up for three decades’ worth of inflation. The bill would also adjust the rate for inflation each year going forward.

These bills will help remove obstacles and lower costs so more families can afford a home in mid-Michigan. You can find out more about other bills in my plan to Revive the American Dream by clicking here.

To follow along as I continue unveiling my Blueprint for a Better America, or to submit your own ideas for Reviving the American Dream, click here.