$10,000 First-Time Homeowner Credit

Home ownership is key to generational wealth in America

I want American's owning if they can over renting. Of course if you want to rent, or it fits your situation, then you feel free to keep renting! But owning a home is so important to financial security and unlocking generational wealth for your family, every American deserves to own a home, and the government can help those first time owners who are of need, get that first step.

Direct Credit: Provide a one-time credit of $10,000 directly to eligible homebuyers at closing.

This credit can be combined with certain FHA and other loan programs, as long as you are eligible for both.

In certain situation the credit can be increased/doubled, such as for married couples who are both a first time buyer, or in helping historically disadvantaged groups get into home ownership. This ensures that everyone has a fair shot to get ahead.

Eligibility Requirements:

• First-Time Homebuyer: Must not have owned a home in the past three years.

• Income Limits: Establish income limits based on area median income (AMI) to ensure the credit benefits those most in need. (e.g., 160% AMI or lower).

• Purchase Price Limits: Set maximum purchase price limits to prevent the credit from benefiting high-income buyers. Limits like 110% of median cost of housing (so mansions would never qualify)

• Homebuyer Education: Require completion of a HUD-approved homebuyer education course.

• Credit Score Requirements: Establish minimum credit score requirements to ensure responsible borrowing.

• Residency Requirements: Preference given to applicants who have lived or worked in the 9th District for a certain period.

Now how would we fund a program like this you ask?

Corporate Real Estate Speculation Tax

• What it is: A tax levied on corporations (not individuals) that profit significantly from the rapid appreciation of real estate, particularly in areas experiencing gentrification or speculative investment.

• Targets large corporations, not individuals, and focuses on profits derived from real estate speculation, which often benefits large investors and developers.

• How it works: The tax would be triggered when a corporation sells a property within a defined timeframe (e.g., 5 years) after purchase, and the sale price exceeds the purchase price by a certain percentage (e.g., 25% or more). The tax rate would be progressive, increasing with the magnitude of the profit.