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Harris to call for 25K giveaway to first-time homebuyers

August 16, 2024 | | Print Article

Vice President Kamala Harris is finally rolling out policy proposals and included in her economic plan is giving away $25,000 to first-time home buyers.

The Democratic presidential nominee is set to announce her policies in Raleigh, North Carolina, on Friday where she will preview what a Harris-Walz administration will look like. American taxpayers will be footing the bill to help first-time homebuyers who have paid their rent on time for two years as Harris proposes an “urgent and comprehensive four-year plan.”

“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,” reads a preview statement by the campaign obtained by ABC News.

(Video Credit: KVUE)

“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, with more generous support for first-generation homeowners,” the campaign statement continued.

“The Biden-Harris administration proposed providing $25,000 in downpayment assistance for 400,000 first-generation home buyers — or homebuyers whose parents don’t own a home — and a $10,000 tax credit for first-time home buyers,” the Harris campaign said. “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 overall plan seeks to “help end the housing supply shortage” by constructing 3 million new housing units and providing a tax incentive for builders to construct “starter homes.” Tax benefits would also be removed for investors who buy up large numbers of single-family rental homes.

“[Former President] Trump likes to talk about being a builder, but when he was President, he simply never got it done,” officials for the Harris-Walz campaign said in a statement. “New home construction slowed down while Trump was in office — tightening the housing crunch and enabling his wealthy friends to profit. More housing units have been under construction every month of the Biden-Harris Administration than during any month of Trump’s presidency.”

Former President Donald Trump ripped into Harris for proposing policies that should have been handled in the current administration.

Parts of Harris’ plan expand and build on proposals that were already unveiled by President Joe Biden.

During his State of the Union address in March, the president had “announced two new tax credits aimed at improving affordability and increasing the availability of homes on the market for purchase or rent,” CNN noted.

“Additionally, the president called on Congress to pass legislation that he says could result in the building and renovation of more than 2 million homes to close the housing supply gap and lower housing costs,” the outlet reported. “Last month, Biden called for withdrawing tax credits from landlords who raise rent by more than 5% per year.”

Trump National Press Secretary Karoline Leavitt echoed the former president’s criticisms of Harris’s failures.

“Kamala is now coming up with all of these solutions that will not work. But why hasn’t she done anything about the inflation crisis over the past four years? They’ve been telling us Bidenomics is working. She’s been in office. She created this mess — she can’t be trusted to fix it,” she told Fox Business.

Frieda Powers
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