Vice President Kamala Harris’ economic agenda is expected to include a provision for first-time and first-generation homebuyers.
Harris is expected to announce her policy plans at a rally in North Carolina on Friday, which include a proposal to offer some first-time home buyers a down payment of up to $25,000, according to a campaign official.
Harris and Walz’s proposal would provide assistance to working families who have paid their rent on time for at least two years and are looking to buy their first home. First-generation homeowners who meet the requirements would be eligible for even more assistance.
“Many Americans work hard at their jobs, save, and pay their rent on time each month. But after paying their rent and other bills, they can’t save enough to make a down payment – denying themselves the chance to own a home and build wealth,” said a campaign preview statement obtained by Business Insider.
The campaign estimates that the proposal would enable more than one million first-time buyers, including first-generation buyers, to purchase their own home each year.
Former President Donald Trump discussed parts of his housing plan at his recent campaign events and promised to open up large parts of the federal territory for housing construction.
Harris is also expected to unveil a proposal to end the housing crisis, according to the campaign, including building three million new housing units, tax breaks for builders who prioritize first-time buyers over “starter homes,” and creating a $40 billion innovation fund to encourage local governments to build housing.
Harris’ economic agenda also includes supporting renters, according to the campaign, including expanding rental subsidies for needy Americans and eliminating tax breaks for Wall Street investors and commercial landlords.
Several of Harris’ housing policies build on similar plans that President Joe Biden’s administration has sought to implement in recent years, including rent caps and assistance for first-time home buyers.
Friday’s surge comes at a crucial time in the race as Harris gains momentum in the polls, particularly on the economy – an area where Democrats have struggled in the past.
