{"id":2146632,"date":"2024-01-11T15:22:02","date_gmt":"2024-01-11T20:22:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-pushes-congress-to-pass-housing-tax-credits-on-heels-of-december-inflation-report\/"},"modified":"2024-01-11T15:27:01","modified_gmt":"2024-01-11T20:27:01","slug":"white-house-pushes-congress-to-pass-housing-tax-credits-on-heels-of-december-inflation-report","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-pushes-congress-to-pass-housing-tax-credits-on-heels-of-december-inflation-report\/","title":{"rendered":"White House urges Congress to pass housing tax credits following December inflation report"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">26<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fwhite-house-pushes-congress-to-pass-housing-tax-credits-on-heels-of-december-inflation-report%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2146632&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>The White House Urges Congress to Pass Housing Tax Credits to Lower Shelter Costs<\/h2>\n<p>The White House is calling on Congress to\u2064 pass housing \u200btax credits as part \u2062of President Joe Biden&#8217;s annual budget request. These tax credits \u200baim to address the skyrocketing costs of shelter for households.<\/p>\n<p>According to the Department of\u200b Labor&#8217;s December consumer price \u2064index, shelter costs \u2062accounted for more than half of the increase in core inflation. This index excludes volatile energy and food prices.<\/p>\n<p>In December, both month-to-month and year-over-year inflation exceeded projections. Monthly \u2063inflation rose by 0.3%, while yearly inflation increased \u2064by 3.4%, \u200dsurpassing estimates of 0.2% and 3.2% respectively.<\/p>\n<h3>Addressing the Inflation Issue<\/h3>\n<p>National Economic Council Director Lael\u200c Brainard discussed the administration&#8217;s response to the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ortiz-bidenflation-is-the-next-pandemic\/\" title=\"Ortiz: Bidenflation Is the Next Pandemic\">latest inflation numbers<\/a>. She acknowledged that the White House needs assistance from Congress to tackle shelter costs more effectively.<\/p>\n<p>&#8220;Rent affordability\u200b and housing affordability are significant concerns for many households as they struggle to pay their bills,&#8221; Brainard stated. &#8220;We are highly focused on making \u200dhousing more affordable.&#8221;<\/p>\n<p>Brainard emphasized the importance\u2062 of Congress\u2063 passing \u200chousing \u2063tax credits, which have been included in the president&#8217;s budget every year. These credits play a critical\u200b role in increasing the supply of \u2064affordable rentals.<\/p>\n<p>The administration has also proposed measures \u2064to\u2062 make homeownership\u2063 more accessible for first-time buyers. Brainard \u2062highlighted\u200d the \u200brecent decrease in mortgage rates and expressed the administration&#8217;s commitment to continuing efforts to make housing \u200bmore affordable.<\/p>\n<p>However, Brainard stressed that relying on predictions of easing shelter costs later in the year is insufficient. Action needs to\u2064 be taken now, and she urged Congress to work together with\u2064 the White House on this \u200bissue.<\/p>\n<h3>Biden&#8217;s Budget Request<\/h3>\n<p>President Biden&#8217;s latest\u2064 budget request includes a\u200b $28 \u2063billion expansion of the low-income housing tax credit program over \u200bthe\u2063 next decade. It also proposes\u2064 the creation of a first-time homebuyer financial assistance program.<\/p>\n<p>To learn more about this topic, you can\u2064 watch\u2062 the full\u2064 briefing below.<\/p>\n<p> <\/p>\n<h2> \u200bBesides <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ben-carson-endorses-trump-for-president-biggest-threat-to-the-administrative-state\/\" title=\"Ben Carson backs Trump: 'Greatest threat to bureaucracy'\">providing affordable housing options<\/a>, what other benefits can \u200cbe \u200bderived from\u200b the implementation of housing tax credits,\u2064 such as job creation\u200c and community development<\/h2>\n<p><span>  Housing and Urban Development, the United States is facing an unprecedented affordable housing crisis. The rising \u2062costs of housing and rental prices have made it \u200cincreasingly difficult for low-income and middle-class families to find suitable and \u200caffordable housing\u2063 options. As a\u200c result, millions of Americans are struggling to\u200d meet their basic needs\u2062 and\u2064 are burdened with the fear of losing their homes.<\/p>\n<p>Recognizing the urgent need for action, the White House has proposed\u2062 the implementation of housing tax\u200d credits to \u2064alleviate the mounting pressure\u200c on struggling households. These tax credits would serve \u2062as an essential tool in\u200b the government&#8217;s efforts\u2062 to\u2063 address the\u200c housing crisis, making it more affordable for \u2062individuals \u200band families to secure stable housing.<\/p>\n<p>The aim \u200bof these\u200d tax \u2062credits is to encourage private\u2062 investment in \u200cthe development\u200d and\u2063 preservation of affordable housing. By providing tax\u200d incentives to investors, the government \u200bhopes to incentivize the construction and\u200c rehabilitation of housing units that are affordable for\u2062 <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/usda-increases-food-stamps-program-with-covid-relief-bill-funding\/\" title=\"USDA Increases Food Stamps Program With COVID Relief Bill Funding\">low-income individuals<\/a> and\u200d families.<\/p>\n<p>One of the primary advantages of housing tax credits is their\u2063 positive\u200c impact \u2063on rental costs. As\u200c developers utilize these credits,\u2064 they are able to offer more \u200daffordable rents to tenants, providing individuals and families with a wide range of housing\u2062 options at reasonable prices. This not only\u200b helps alleviate the burden \u2063on \u200dstruggling families but also\u200c promotes economic stability and reduces the risk of homelessness.<\/p>\n<p>Additionally, the \u2064implementation of\u200d housing tax credits would not only <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/house-advances-4-spending-bills-as-mccarthy-vows-funding-stopgap-to-avert-shutdown\/\" title=\"House passes 4 spending bills as McCarthy promises funding stopgap to avoid shutdown.\">benefit low-income individuals<\/a> and families but also stimulate the economy by creating jobs in the construction sector. The construction and \u2063rehabilitation of affordable\u200b housing units require a significant workforce, providing employment opportunities for numerous skilled and \u2063unskilled workers.<\/p>\n<p>Moreover, these tax credits would contribute to the revitalization of urban areas.\u2063 By encouraging investments in affordable housing, the government can play a significant role in\u2063 improving the quality of life\u200b in distressed communities. This\u2062 would lead to safer and more vibrant neighborhoods, promoting social cohesion\u2063 and overall community development.<\/p>\n<p>However, the successful \u2062implementation of housing\u2062 tax credits requires the support and cooperation of Congress. It is essential for lawmakers to recognize the urgency of addressing\u2063 the housing \u200ccrisis \u200band prioritize the passage of legislation\u2063 to\u200d make these \u200btax credits a reality. By doing so, they would \u200dnot only be fulfilling \u200ctheir duties to their constituents but \u200dalso\u2064 contributing to the overall well-being of the nation.<\/p>\n<p>In conclusion, the White House&#8217;s call for the passage of housing \u2062tax credits to lower shelter costs represents a crucial\u200b step towards alleviating the\u200c affordable housing crisis in\u2062 the United States. By incentivizing the development\u2063 and preservation of affordable housing units, these tax credits would provide individuals and families with access to safe and \u2064affordable shelter. It is now up to Congress to seize this opportunity and take decisive action\u200b to address\u200c one of the most pressing issues\u200c facing the American \u200bpeople. The time for change \u200cis now, and the passage \u200cof\u2063 housing tax credits would mark a significant milestone \u200bin the nation&#8217;s journey towards achieving\u200d housing\u2063 affordability and\u2062 security for all.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The White House is urging Congress to approve housing tax credits from President Biden&#8217;s budget request. This aims to reduce skyrocketing shelter costs for households. In December, shelter costs contributed to over half of the core inflation increase, excluding energy and food prices, according to the consumer price index<\/p>\n","protected":false},"author":2645,"featured_media":2315279,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-2146632","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2146632","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2645"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2146632"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2146632\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2146632"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2146632"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2146632"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}