Harris to propose up to $25K in down-payment support for 1st-time homebuyers

(RALEIGH, N.C.) — When Vice President Kamala Harris unveils her economic policy proposals in Raleigh, North Carolina, on Friday, it will include a proposal to provide up to $25,000 in down payment support for first-time homebuyers, according to a campaign official.

The campaign is vowing that during its first term, the Harris-Walz administration would 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.

In a preview statement obtained by ABC News, the campaign says, “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. 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 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. 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.

Prior to Harris’ speech on Friday, an official also released more details on the housing component of Vice President Harris’ lower costs plan to “help end the housing supply shortage” that includes calling for the construction of 3 million new housing units and stopping Wall Street investors from buying homes in bulk.

Officials said she will propose a new $40 billion innovation fund — doubling that of the $20 billion Biden-Harris proposed innovation fund — that will be used for local governments to fund local solutions to build housing and support “innovative” methods of construction financing. It will also allow for certain federal lands to be eligible to be repurposed for new housing developments.

“Harris will work in partnership with workers and the private sector to build the housing the country needs, both to rent and to buy, and take down barriers that stand in the way of building new housing, including at the state and local level. This will make rents and mortgages cheaper,” according to the campaign.

Harris is also proposing two acts, the Preventing the Algorithmic Facilitation of Rental Housing Cartels Act and the Stop Predatory Investing Act to help bring down the cost of rent. These acts aim to take on “corporate and major landlords” to stop them from “jacking” up prices.