Vice President Kamala Harris is scheduled to speak at a rally in North Carolina on Friday to outline major new federal grants for first-time homebuyers.
Bloomberg Reports The 2024 Democratic presidential candidate will propose providing up to $25,000 in down payment assistance to first-time homebuyers through taxpayer-provided funds.
Under the program, more than one million first-time homebuyers with a two-year history of paying rent on time will be eligible for “down payment assistance” to help them finance their purchase.
The plan to subsidize housing needs comes after Harris previously announced that she wants to impose government-controlled pricing on grocery stores to protect American consumers from price gouging, Breitbart News reported.
Get ready for the “joy” of the bread procession!
Do not exceed your coconut intake limit.
The black market is terrible! pic.twitter.com/sU9IqvBXmN—Breitbart News (@BreitbartNews) August 15, 2024
Harris’ housing proposal is aimed at making it easier for younger buyers to buy a home, but critics have questioned whether every home seller should just raise their sales price by $25,000.
Campaign officials said Harris plans to announce details of the plan during a speech in Raleigh, North Carolina.
The initiative, which is open only to individuals who have paid their rent on time for at least two years, comes as Harris seeks to halt a decline in homeownership rates that the Biden administration has also contributed to.
Biden has overseen a historic decline in homeownership expectations among renters. https://t.co/rjgVPvVBoE
—Breitbart News (@BreitbartNews) May 6, 2024
“For many Americans, saving for a down payment to pay rent and other bills is nearly impossible, effectively locking them out of the housing market,” the Harris campaign said in a statement. “This plan will give them the opportunity to own a home and build wealth.”
The vice president’s office has not yet released details on how the $25,000 aid will be provided, but it is expected to be a direct grant rather than a tax credit, Maine Wire reported. Reports.
There is no indication of the exact total amount the government plans to distribute in taxpayer-paid benefits, or how that might affect inflation.
