CCUA Support for the First-Time Homebuyer Tax Credit Act of 2025

As part of our ongoing advocacy on behalf of credit unions and the communities you serve, we are pleased to share an important development. Last week, U.S. Senator Sheldon Whitehouse reintroduced the First-Time Homebuyer Tax Credit Act of 2025, which would give qualified first-time homebuyers with federally backed mortgages a refundable tax credit of up to $15,000. This credit is intended to assist with closing costs and down payments, two of the biggest obstacles to homeownership in the modern world.

Homeownership is a fundamental component of financial stability and a crucial first step in creating a safe future. Housing affordability significantly impacts overall well-being, including economic stability, employment, and educational outcomes. For these reasons, the Cooperative Credit Union Association is pleased to express our support for this federal legislation that will help lower the cost of purchasing a first home.

How the Tax Credit Would Operate:

Value: By providing qualifying first-time homebuyers with a $15,000 tax credit toward the purchase of a new home.

Eligibility: Phases out at 150% of the area median income or properties priced above 110% of the area median home price.

Timing: You can choose to claim the credit at purchase or apply it to the prior tax year.

Last Congress, the Rhode Island Credit Unions supported the bill. Since there were no material changes in this new version, the Cooperative Credit Union Association has expressed strong support for this measure. We believe it aligns with our purpose of helping the people our credit unions serve achieve their life goals and make informed financial decisions.

We will continue to lead the charge on measures that make financial wellness and homeownership more achievable for our communities.

If you have any questions, please do not hesitate to reach out to Jessica Avery, Director of Advocacy, at javery@ccua.org or me at avelazquez@ccua.org.

Sincerely,
Adrian Velazquez, Esq.
Chief Advocacy Officer
Cooperative Credit Union Association, Inc.
avelazquez@ccua.org | Email
617-480-2219 | Mobile
508-481-6755 x 324 | Office