\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 January 26, 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, the incoming Biden administration has proposed the First Down Payment Tax Credit. Under the terms of the proposal, they would be eligible for a refundable and advanceable tax credit of up to $15,000.
Here’s how it works…
The First Down Payment Tax Credit builds off of a temporary tax credit expanded as part of the Recovery Act between 2008-2010. While the Recovery Act credit maxed out at $8,000, Biden’s proposal extends up to $15,000. (This, in short, reflects the increases in home prices nationwide over the past decade.)
Based on what we know, the program will be available to any individual or family who has not purchased a home before.
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. In addition, it is currently unclear how individual grant amounts would be calculated.
To sum up: for those interested in learning more, this policy proposal is just one of the Biden administration’s housing plans.
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