 |
|
|
|||||
Housing affordability is a top concern for many Americans, and both chambers of Congress have been advancing legislation to help prospective homeownersthough it may take years for those benefits to actually materialize. This past week, the House of Representatives passed a bipartisan bill called the Housing for the 21st Century Act, which aims to increase the supply of affordable housing. That sets the stage for some political wrangling ahead. The Senate previously passed its own bipartisan legislation in October as part of a broader package, before it was stripped from the final bill, and it is now considering the stand-alone bill, the ROAD to Housing Act. Ultimately, the two chambers must agree on a final version of a housing bill that will also get support from President Donald Trump. The legislation targets a top concern for Americans. More than 6 in 10 adults (62%) say they are very concerned about the cost of housingtrailing only behind the cost of healthcare (71%) and the price of food and consumer goods (66%), according to the results of a survey of more than 8,500 people conducted by the Pew Research Center in late January. The Houses legislation marks an important step forward, even if it wont magically fix a crisis that has developed over time and will be similarly resolved in time, according to David M. Dworkin, president and CEO of the National Housing Conference, a nonprofit thats focused on affordable housing. We got into this crisis one unit at a time, and we will get out of it the same wayone unit at a timethrough a range of coordinated strategies that expand supply, reduce costs, and improve access to affordable homes, Dworkin said in a statement celebrating the passage of the legislation. Even though it could take time to benefit prospective homeowners, here is how the House bill addresses housing affordability. MODERNIZES FEDERAL HOUSING AND DEVELOPMENT PROGRAMS One of the primary goals of the Houses legislation is to streamline the federal and local housing process so that more housing can be built more quickly. And among the densest sections of the 202-page legislation is the section focused on modernizing local development and rural housing programs. The legislation takes aim at revising federal housing programs to eliminate regulatory bottlenecks and expand financing for affordable housing. The legislation also expands how funds can be used to include paying for new construction. INCREASES ELIGIBILITY FOR GRANT PROGRAMS Another major goal of the House legislation is to ensure that federal grant programs reach a broader segment of the population. The legislation significantly expands the criteria to qualify for existing housing grants. One such example is adjusting the HOME Investment Partnerships Program so that income eligibility caps are raised to 100% of the median-family income of the area, and so the program can support more middle-income families. The bill also introduces new grants that are designed to incentivize local entities to reform their land-use policies and update zoning codes. These grants again target potential local regulatory hurdles that have deterred investment in affordable housing. FAST-TRACKS ENVIRONMENTAL REVIEW PROCESS Again targeting potential barriers to construction activities, the legislation streamlines the review process required by the National Environmental Policy Act (NEPA) by exempting certain housing-related activities. Specifically, the bill creates categorical exclusions for certain smaller-scale projects. The legislation also eliminates duplicative environmental reviews so that housing thats received approval for one federal assistance program doesnt have to undergo another review if the scope, scale, and location of the project remain substantially unchanged. MODERNIZES MANUFACTURED HOUSING STANDARDS Finally, the bill envisions a future of more manufactured housing by again changing some of the requirements related to this type of construction that might address the availability of affordable housing. One of the biggest changes this legislation makes is that it strikes just four words from legislation thats been on the books for more than 50 years: It eliminates the requirement that manufactured homes must be constructed with a permanent chassis. It also updates the construction and safety standards for manufactured homes. IMPACT ON HOMEBUYERS Even though it will take time for these changes to roll through the system and benefit prospective homebuyers, trade groups across the various facets of the housing industry celebrated the passage of the House bill. That said, there could be some hurdles to getting a final piece of legislation across the linepartly because President Trump is pressing Republicans to include a measure that will curb large investors purchases of single-family homes. Even so, advocates are optimistic that bipartisan support of housing affordability legislation will continue. Bold action to expand supply and remove barriers to homeownership has never been more urgent, Shannon McGahn, executive vice president and chief advocacy officer for the National Association of Realtors, said in a statement. This legislation takes a comprehensive approach to increasing housing production, modernizing critical federal programs, and strengthening pathways to credit and homeownership.
Category:
E-Commerce
Tax filing season is in full swing, and while preparing your taxes can often be filled with stress, misplaced documents, and worries about proper filing, this year, there may be a silver lining. According to analysts, many Americans may get larger refunds in 2026 due to Trump’s 2025 One Big Beautiful Bill legislation. Last year, the average refund was $3,167, but, given there are a number of new changes and deductions, experts say many Americans are looking to get back an additional $1,000 or more. Overall, that could come out to around $90 billion more dollars in tax returns.Here are the biggest changes that could boost your tax refund this year: No tax on overtime One of the biggest changes hitting tax filers this year is that overtime hours won’t be taxed. Under the newly signed legislation, there is now a deduction for up to $12,500 of qualifying overtime wages. According to the Tax Policy Center, the law will make for an average tax cut of $1,400. The change applies from this year through 2028. Larger child tax credit One change many Americans will see on their tax returns this year is an increase to the Child Tax Credit (CTC). The credit will go from $2,000 per child (under 17 at the end of last year) to $2,200 per child (up from $2,000). The credit begins to phase out for married couples filing jointly with an Adjusted Gross Income (AGI) over $400,000 and $200,000 for single filers. A new senior deduction This year, those over 65 are set to receive a new $6,000 Senior Deduction ($12,000 for married couples filing jointly). The temporary deduction is available for 20252028, but there are income limits. The deduction is only for those earning under $75,000 ($150,000 for married couples). No tax on tips Tips also won’t be taxed this year, although there are limitations based on the taxpayers income, occupation, and type of work. Still, those that rely on tips, such as servers, drivers, and more, can deduct up to $25,000 from their taxable income. The benefit won’t apply for anyone with a modified adjusted gross income (MAGI) above $150,000 (or $300,000 for couples). The deduction is scheduled to expire after 2028/ Change to standard deduction There’s also a change in the standard deduction this year. For single taxpayers the dedication is $15,750 and $31,500 for joint filers. For heads of households, the standard deduction is $23,625. Overall, the new deductions make for an increase of 7.9% since last year. Change to state and local (SALT) deduction The SALT deduction, which allows taxpayers who itemize to deduct up to a certain limit of state and local income/sales and property taxes from their federal taxable, will see a temporary increase in the cap. For the 2025 tax year the deduction will increase from $10,000 to $40,000. For high tax states, that could make a huge dent in overall deductions. Still, when it comes to this particular dedication, most people won’t see the benefit at all. That’s because most people don’t earn enough to itemize deductions and are better off taking the standard deduction. Those in the 1% to 5% income bracket are set to receive the largest benefit of the change.
Category:
E-Commerce
In the United States, its one of our annual holidays today, Presidents Day, which celebrates the dozens of American presidents weve had over the centuries. But on the other side of the world, an even larger holiday is kicking off: Chinese New Year. Heres what you need to know about the festival and its importance to the millions of Chinese Americans in the United States. What is Chinese New Year? Chinese New Year, also known as the Lunar New Year or, in China, the Spring Festival, is an annual holiday that marks the beginning of the new lunar year. Unlike many Western holidays, the lunar new year does not have a fixed date. Instead, it typically falls on the full moon closest to Spring. But the Lunar New Year is just the beginning of the festivities in China. It kicks off the beginning of the Spring Festival, which continues for the first week of the new year. Given the cultural importance of the holiday period, hundreds of millions of Chinese travel each year to be with their families and loved ones, making it the worlds largest annual migration event. As Reuters notes, the Lunar New Year travel period officially began on February 2 and will run for 40 days. During this time, Chinese officials estimate that 9.5 billion domestic trips will be made related to the holiday period. Thats nearly half a billion more trips than last year. When is Chinese New Year? This year, the Lunar New Year falls on Tuesday, February 17 in China. But, as with the Gregorian New Year on January 1, celebrants hold festivities the night before, leading up to midnight. In this way, Lunar New Years Eve falls on Monday, February 16 in China, just as New Years Eve is celebrated on December 31 in the West. However, because China is 13 to 18 hours ahead of America, both Lunar New Years Eve and Lunar New Years Day in China fall on Monday, February 16, in the United States. However, many who celebrate the festivities in America often stick with the local time zone midnight divide. Whats the significance of the horse? Each new Lunar New Year is represented by one of 12 animals. The animals correspond to the Chinese Zodiac. This year, for the Lunar New Year that commenses on February 17, is the Year of the Horse. The horse represents hard work, bravery, and resilience, according to the Smithsonian. Are businesses closed on Chinese New Year or Chinese New Years Eve in America? In most years, usually not. While millions of Americans celebrate the Chinese New Year, its not an official federal or state holiday. However, as Lunar New Years Eve 2026 falls on today, the same day as Presidents Day 2026 in America, the same businesses and institutions that are closed for Presidents Day will also be closed on Chinese New Years Eve. Fast Company has a rundown of the businesses and government offices that are closed on Presidents Day. Where can I celebrate Chinese New Year? Millions of Americans celebrate the Chinese New Year every year. As with the Gregorian New Year, many choose to celebrate it in their homes with their families. However, public Chinese New Year celebration events are held all over America as well. If youve got a Chinatown in your area, its worth popping by to see what festivities are being held.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||