\n\n \n\n\n","author":{"@type":"RealEstateAgent","name":"Michelle Kim","url":"https://mosaikrealestate.com/team","image":"https://media-production.lp-cdn.com/cdn-cgi/image/format=auto,quality=85,fit=scale-down,width=960/https://media-production.lp-cdn.com/media/vdtksgqfx4qdusvaihlu","telephone":"(415) 205-0742","description":"Meet Michelle, the top producer and founder of Mosaik Real Estate, who is a triple threat in the industry, known for her hardworking, knowledgeable, and trustworthy approach, which has earned her a stellar reputation among her clients. With a wealth of experience in sales and a background in the title and escrow field, Michelle is committed to providing a full-service experience that exceeds expectations and leaves both buyers and sellers totally satisfied. As a bilingual agent fluent in English and Korean, Michelle is a focused communicator, an able advisor, and a fierce-yet-fair advocate for her clients. From guiding first-time buyers with her market insights to helping Korean and foreign investors build their real estate portfolios, to using her strong negotiation tactics and seamless marketing offerings to assist sellers, Michelle consistently receives high praise from those who have traversed San Francisco’s complex marketplace. As a mother of three children and a Bay Area native, Michelle is passionate about the cultural, recreational, and social opportunities that San Francisco offers. Her firsthand experience raising a family in the Bay Area makes her an extraordinary resource for parents of young children. Overall, Michelle’s expertise, dedication, and unwavering commitment to delivering exceptional results make her an indispensable asset to her clients, who are consistently impressed with her unparalleled service and outstanding results.","priceRange":"$","address":{"@type":"PostalAddress","streetAddress":"580 4th Street","addressLocality":"San Francisco","addressRegion":"CA","postalCode":"94107","addressCountry":"US"}},"publisher":{"@type":"Organization","name":"Mosaik Real Estate","logo":{"@type":"ImageObject","url":"https://media-production.lp-cdn.com/cdn-cgi/image/format=auto,quality=85/https://media-production.lp-cdn.com/media/ixpurfmka7zayzy64wag"},"address":{"@type":"PostalAddress","streetAddress":"580 4th Street","addressLocality":"San Francisco","addressRegion":"CA","postalCode":"94107","addressCountry":"US"}}}
michelle April 27, 2021
Housing affordability in the United States is a growing problem. But nowhere is this more true than in the Bay Area, and this problem certainly is acute among first-time homebuyers.
To help ease the burden on first-time homebuyers, a bill has been introduced in Congress called the First Time Homebuyer Act.
Here’s how it works…
The First-Time Homebuyer Act, led by US Rep. Earl Blumenauer (D-OR) and Rep. Jimmy Panetta (D-CA), will create a refundable tax credit worth up to 10% of the purchase price, or $15,000. Taxpayers can choose to treat the purchase of their home as occurring in the prior taxable year to receive the credit sooner.
As housing prices and demand continue to rise to unprecedented levels, homeownership barriers for low- and middle-income Americans are growing as well. The tax break aims to combat the country’s affordability crisis by incentivizing first-time homebuyers, particularly those among historically marginalized communities.
To be eligible for the full credit, borrowers must not have owned or bought a home in the past three years. They must also meet income limits of 160% or less of their area median income and purchase a home at or below 110% of their area’s median purchase price.
According to the proposal, the money would be advanced to buyers at closing, so recipients would not have to wait until filing their tax returns before collecting.
For those interested in learning more, this policy proposal is just one of the Biden administration’s housing plans.
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