Illinois Congressman Eric Sorensen is throwing his support behind two key legislative efforts aimed at easing the housing crunch for renters and first-time buyers. Residents in Rockford, the Quad Cities, and Peoria face a tough market with affordable homes in short supply and prices steadily rising. Sorensen’s proposals focus on helping renters build stronger credit profiles by having landlords report positive rent payments to credit agencies, making it easier to qualify for FHA loans. Additionally, a new tax credit of up to $15,000 for first-time buyers could make purchasing a home more attainable for working families across the district.
“The number one issue for the vast majority of my neighbors is the cost of living, and frequently topping the list is the lack of affordable housing and sky rocketing home prices,” said Congressman Sorensen. “Right now, too many families across the district are being priced out of homes to raise their kids in. These pieces of legislation can help make homeownership a reality for these families and put the American dream back within reach for them.”
A recently introduced bill in Congress aims to support aspiring homeowners. The First Time Homebuyer Tax Credit Act, co-sponsored by a local congressman, would provide first-time buyers with a fully refundable tax credit equal to 10% of their home’s value, capped at $15,000. The credit is designed to be accessible immediately at closing when the home is financed with a federally backed mortgage. Those earning more than 150% of the area’s median income would see a reduced benefit. Lawmakers say the measure could help more families achieve homeownership despite rising real estate prices and affordability challenges.