Top line
Vice President Kamala Harris will introduce an ambitious proposal as part of her economic agenda that would provide first-time home buyers with a down payment of up to $25,000. Harris is expected to announce details on Friday in North Carolina.
Harris will speak on the platform on Friday. (Photo by Anna Moneymaker/Getty Images)
Key data
The assistance program, announced in a campaign email, is intended to provide up to $25,000 in down payment assistance to “working families” who have paid their rent on time for two years and are looking to buy a home, “with assistance being even more generous for first-generation homeowners.”
Harris describes her plan as a simplified and expanded version of President Joe Biden’s proposal, which would provide 400,000 first-time homebuyers with a $25,000 down payment and a $10,000 first-time homebuyer tax credit.
Harris’ campaign claims the proposed program will benefit more than four million first-time home buyers over four years.
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What we don’t know
The email provided few details about the down payment program, including additional eligibility requirements and how much more assistance first-time homeowners could receive. It also did not specify exactly what mechanism would be behind the up to $25,000 in assistance, although the Biden administration’s proposal came in the form of a tax credit.
tangent
Harris will also push for the construction of three million housing units for rent and purchase, tax incentives for developers who build first-homes for sale to first-time buyers, and the creation of a $40 billion innovation fund for rental and housing solutions.
Important background
The proposal to support the down payment is part of Harris’ broader economic program, which is set to be unveiled Friday. Harris has already said she will support a ban on “price gouging” on food and groceries and give the Federal Trade Commission the power to punish companies for what she considers price gouging. The vice president also supports a plan to eliminate taxes on tips for hospitality and service sector workers (equivalent to a previous proposal by former President Donald Trump). She has promised not to raise taxes on American households earning $400,000 or less annually and is expected to announce details on prescription drug pricing policies.
More information
What we know so far about Kamala Harris’ economic program (Forbes)
Polls on Trump vs. Harris 2024: Harris is 4 points ahead in latest poll (Forbes)
