This legislation aims to significantly alter federal spending priorities by rescinding substantial funds from immigration enforcement and introducing new tax credits to address housing affordability. The bill proposes to permanently rescind over $175 billion in unobligated balances previously allocated for various immigration enforcement initiatives. These rescissions target funds from the Department of Defense for border support, infrastructure and wall systems, U.S. Customs and Border Protection personnel and facilities, detention capacity, border security technology, state and local assistance, Department of Homeland Security appropriations, and U.S. Immigration and Customs Enforcement hiring and training. A major component of the bill is the creation of a new First-Time Homebuyer Credit , amending Section 36 of the Internal Revenue Code. This credit offers up to $25,000 for qualified home purchase expenses, such as down payments and closing costs. For first-generation homebuyers , defined as those who aged out of foster care, were emancipated, or whose parents never owned a majority interest in residential property, the credit increases to $50,000 . The credit includes income limitations, provisions for advanced payments into escrow accounts, and recapture rules if the home is sold within five years, with certain exceptions. To stimulate housing construction, the bill introduces a Starter Home Construction Credit , providing 15 percent of qualified construction costs for homes under 1200 square feet and priced below 80 percent of the area median. This credit increases to 30 percent if the home is sold to a first-time homebuyer. The credit is allocated to states and Indian Tribal Governments based on population, aiming to incentivize the development of smaller, more affordable housing units. The legislation also establishes an Affordable Housing Conversion Credit , offering 20 percent of qualified expenditures for converting eligible commercial buildings into affordable housing. To qualify, at least 20 percent of residential units must be rent-restricted and reserved for individuals earning 80 percent or less of the area median income for 30 years. Enhanced credits of 30 percent are available for conversions in economically distressed areas serving extremely low-income households, and 35 percent for historic preservation projects in rural areas. Furthermore, the bill strengthens the existing Low-Income Housing Tax Credit (LIHTC) by increasing the eligible basis to 150 percent for units designated for extremely low-income households (30 percent of area median gross income or 100 percent of the Federal poverty line). This enhancement aims to improve the financial feasibility of projects serving the most vulnerable populations. Finally, a new Renter Tax Credit is introduced, providing financial relief to individuals whose rent exceeds 30 percent of their adjusted gross income. The credit amount varies based on income, with a maximum benefit for lower-income households, and includes a mechanism for monthly advance payments to help renters manage their housing costs. The bill appropriates $50 million for IRS outreach to ensure eligible households are aware of and can access this new renter credit.