Vice President Kamala Harris proposes $25,000 in down payment assistance for first-time homebuyers.
The money is part of the economic agenda that Harris will unveil in Raleigh, NC on Friday, ABC News reported.
According to a campaign official, the Harris-Walz administration will provide first-time homebuyers who have paid their rent on time for 2 years up to $25,000 in down-payment assistance.
“Many Americans work hard at their jobs, save, and pay their rent on time month after month. But they can’t save enough after paying their rent and other bills to save for a down payment,” the Harris-Walz campaign said in a statement to ABC News. “As the Harris-Walz plan starts to expand the supply of entry-level homes, they will, during their first term, provide working families who have paid their rent on time for two years and are buying their first home up to $25,000 in down-payment assistance.
The campaign said more generous support would be provided to “first-generation homeowners” whose parents didn’t own a home.
“This plan will significantly simplify and expand the reach of down-payment assistance, allowing over 1 million first time-buyers per year – including first-generation home buyers – to get the funds they need to buy a house when they are ready to buy it,” the Harris campaign said.
A campaign official said Vice President Harris’ economic agenda will “help end the housing supply shortage” with the construction of 3 million new housing units. Also, she will stop Wall Street investors like BlackRock from buying homes in bulk.
At least one BlackRock executive is a Harris campaign advisor.
Campaign officials said Harris will propose a new $40 billion innovation fund that will be used by local governments to build housing and support “innovative” methods of construction financing. It will also allow federal lands to be eligible for new housing developments.
