“Help families buy their first homes and build wealth by creating a new refundable, advanceable tax credit of up to $15,000 for first-time homebuyers.”
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The promised $15,000 refundable, advanceable first-time homebuyer tax credit was never enacted. House Democrats introduced it as the First-Time Homebuyer Act of 2021 (H.R. 2863, April 2021), which never advanced out of committee, and the credit was not included in the major packages enacted in 2021-2022. On March 7, 2024, Biden formally proposed a smaller version - a mortgage relief credit of $5,000 a year for two years for first-time homebuyers - but Congress did not pass it before his term ended January 20, 2025.
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