$25,000 for first-time homebuyers? Harris promises down-payment aid in NC speech
Vice President Kamala Harris, the Democratic presidential nominee, revealed several economic priorities on Friday, including a proposal for $25,000 down-payment assistance for all first-time home buyers.
Harris’ campaign announced the policies aimed “to bring down costs for American families” ahead of her speech in Raleigh on Friday afternoon. In her first trip to the state since her name has topped the Democratic ticket, Harris discussed the down-payment subsidy and other housing proposals, in addition to plans meant to end medical debt for millions of Americans, reduce the cost of groceries and cap the cost of prescription drugs.
“While we work on the housing shortage, my administration will provide first-time home buyers with $25,000 ... to help more Americans experience the pride of home ownership and the financial security that it represents and brings,” Harris said at Wake Tech community college in Raleigh.
The proposed economic plan comes as first-time buyers face high mortgage rates, often feeling priced-out of starter homes, across the nation — and North Carolina.
The Harris-Walz campaign promised to provide families who paid their rent on time for two years and are buying their first home up to $25,000 for a down payment. The plan expands President Joe Biden’s previously proposed policy of providing that dollar amount only to first-generation homebuyers. In March, Biden called on Congress to provide the funds. This new proposal simplifies that, according to Harris’ campaign.
The campaign estimated that more than 4 million first time-buyers over four years will gain significant down payment assistance through the program.
As part of Harris’ four-year plan to address the high cost and low supply of housing, the campaign proposed 3 million new housing units, a first-of-its-kind tax incentive for home builders who build starter homes for first-time home buyers, expansion of the existing tax incentive for business that build affordable rental housing and a $40 billion fund focused on local housing that doubles the $20 billion fund proposed by the Biden-Harris administration.
“This fund will support the expansion of innovative local efforts, like those in Wake County, North Carolina where they are using American Rescue Plan funds to build or preserve 2,400 affordable housing units including a 100-unit development coming online at Kings Ridge and a 176-unit affordable housing development at [Tryon] Station,” the campaign said in the announcement.
Harris also promised to stop “Wall Street investors” from acquiring single-family rental homes in bulk and landlords from using price-setting tools to “jack up rents”, calling on Congress to pass new legislation.
Sam Bohmer, a 21-year-old college student and communications director for the UNC-Chapel Hill Young Democrats who attended Harris’ event at Wake Tech, said he thought Harris’ focus on home ownership would be an energizing issue for young voters.
”I worry that I’m not going to be able to afford a home,” he said. “Doing stuff to incentivize the building of supply, to drive down costs and some of the incentives for home ownership is really important. I think it’s meeting young people where they are.”
This story was originally published August 16, 2024 at 1:11 PM with the headline "$25,000 for first-time homebuyers? Harris promises down-payment aid in NC speech."
