The U.S. government has enacted a $7,500 tax credit for first-time homebuyers earning up to $125,000 annually. Combined with expanded down payment assistance and programs for low-income borrowers, this is one of the largest housing affordability efforts in recent years.
Participants must complete homebuyer education and buy homes in designated affordability zones. The Department of Housing and Urban Development expects the move to benefit over 200,000 families in urban and suburban areas.
Housing advocates note the model could inspire similar low-cost ownership schemes in growing metropolitan regions of India and South Asia, including Dhaka and Kathmandu.