First Home Affordability Act

H.R. 7160, the First Home Affordability Act, would amend the Internal Revenue Code to create a refundable tax credit for first-time homebuyers. The bill is designed to help working and middle-class families overcome upfront costs associated with purchasing a home, which the sponsor notes is a significant barrier to homeownership. The credit would be available during the first five years of homeownership, helping families stabilize their finances, build equity, and establish roots in their communities. The bill is currently referred to the House Committee on Ways and Means and has not yet been voted on by the full House. If enacted, the legislation would provide direct tax relief to eligible first-time homebuyers as they begin their homeownership journey.