Vice President Kamala Harris‘ economic agenda is set to include a provision for first-time and first-generation home-buyers.
Harris is scheduled to announce her policy plans at a Friday rally in North Carolina, which include a proposal to give some first-time homebuyers up to $25,000 in down payment support, according to a campaign official.
The Harris-Walz 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 house. First-generation homeowners who fit the bill would be eligible for even more support.
“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 — denying them a shot at owning a home and building wealth,” the campaign said in a preview statement obtained by Business Insider.
The campaign estimates that the proposal would allow more than one million first-time homebuyers, including first-generation buyers, to purchase a home each year.
Former President Donald Trump addressed parts of his housing plan during recent campaign events, promising to open up swaths of federal land for housing construction.
Harris is also expected to announce a proposal to end the housing crisis by building three million new units, offering tax incentives to homebuilders who prioritize “starter homes” intended for first-time homebuyers, and creating a $40 billion innovation fund to encourage local governments to build housing, according to the campaign.
The Harris economic agenda also includes assistance for renters, including expanded rental assistance for struggling Americans and the removal of tax benefits for Wall Street investors and corporate landlords, according to the campaign.
Several of the Harris housing policies expand on similar plans President Joe Biden’s administration sought to achieve in recent years, including rent caps and assistance for first-time homebuyers.
The Friday rally comes at a key moment in the race as Harris picks up steam in the polls, particularly regarding the economy — an area in which Democrats have historically struggled.
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