Topline
Vice President Kamala Harris will propose an ambitious proposal to give first-time home buyers up to $25,000 in down payment support as part of her economic platform, which Harris is scheduled to provide details about on Friday in North Carolina.
Harris will speak on the platform Friday. (Photo by Anna Moneymaker/Getty Images)
Key Facts
The support program, announced in a campaign email, will “provide working families” that have paid rent on time for two years and are in the market for a home with up to $25,000 in down-payment assistance, “with more generous support for first-generation homeowners.”
Harris is characterizing her plan as a simplified and expanded version of President Joe Biden’s proposal for $25,000 in down-payment aid explicitly for 400,000 first-generation home buyers and a $10,000 tax credit for first-time home buyers.
Harris’ campaign claims the proposed program will benefit more than 4 million first-time home buyers over the course of four years.
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What We Don’t Know
Few details about the down payment assistance program were released in the email, including further eligibility requirements and how much more support first-generation homeowners could receive. It also does not state exactly what mechanism would be behind the up to $25,000 of support, though the Biden administration’s proposal was in the form of a tax credit.
Tangent
Harris will also call for the construction of three million housing units to rent and buy, a tax incentive for builders who create starter homes sold to first-time homebuyers and a $40 billion innovation fund designated for rental and housing solutions.
Key Background
The down payment support proposal will be one part of Harris’ larger economic agenda set to be revealed Friday. Harris has already said she will seek to pass a ban on “price gouging” for food and groceries and provide the Federal Trade Commission with the power to punish companies for what it determines is price gouging. The vice president has also supported a plan to remove taxes on tips for hospitality and service workers (echoing an earlier proposal from former President Donald Trump), promised to not raise taxes on American households earning $400,000 or less each year and is expected to announce details on prescription drug price policies.
Further Reading
What We Know About Kamala Harris’ Economic Platform—So Far (Forbes)
Trump Vs. Harris 2024 Polls: Harris Up By 4 In Latest Survey (Forbes)
