Anyone looking to buy a home today is likely frustrated by sky-high prices and slim pickings. But President-elect Joe Biden, who takes office Wednesday, will aim to ease those issues as he gears up to implement his plans for the housing market. From home financing to home construction, Biden’s plans are focused on affordability. Biden is proposing a $15,000 first-time homebuyer tax credit, which could be accessed immediately by the buyer, thereby serving as down payment assistance. High home prices, along with strict lending standards, have made it difficult for young buyers to come up with the cash needed to secure a mortgage. Here are some policies he could push for:

• $15,000 first-time homebuyer tax credit
• Urging big banks to get back into FHA lending
• Encouraging new construction of both single- and multifamily housing
• Strengthening the Community Reinvestment Act, which is intended to help low- and moderate-income areas