Democratic presidential nominee Kamala Harris laid out her economic plans Friday during a visit to Raleigh, North Carolina, including offering up to $25,000 in down payment assistance for first-generation homebuyers.
Harris outlined her vision for an “opportunity economy” where “everyone can compete and have a real chance to succeed” and pushed for a strong middle class.
“As president, I will be laser focused on creating opportunities for the middle class that advance their economic security, stability and dignity,” Harris told the crowd. “Together, we will build what I call an opportunity economy.”
The plan includes a four-year program to tackle the country’s housing crisis, making it easier for first-time homebuyers to afford a house, lowering rents, and building new housing units.
“As president, I will work in partnership with industry to build the housing we need, both to rent and to buy. We will take down barriers and cut red tape, including at the state and local levels,” Harris said during the rally. “By the end of my first term, we will end America’s housing shortage by building 3 million new homes and rentals that are affordable for the middle class.”
First-generation homebuyers, often from immigrant families, face an uphill battle in today’s housing market. Without the benefit of inherited wealth or parental guidance, they typically struggle to afford a down payment.
The proposal includes $25,000 in downpayment assistance for 400,000 first-generation homebuyers, defined as those whose parents do not own a home. To qualify, these families must have a history of paying rent on time for at least two years. Additionally, the plan offers a $10,000 tax credit for first-time homebuyers.
Harris also promised to ban price gouging on food and ensure salaries are ”enough to provide you and your family with a good quality of life.” Another proposal would reinstate the expanded child tax credit of $3,600 per child.