Vice President Harris is set to announce a plan to lower housing costs and end the housing shortage through the construction of new units and down payment support to first-time homebuyers, according to Harris-Walz campaign officials.
Harris’s “urgent and comprehensive four-year plan” will call for constructing 3 million new housing units, a tax incentive for homebuilders to construct “starter homes” to sell to first-time homebuyers and a $40 billion innovation fund for local governments to build housing.
The plan would also include $25,000 in down payment support for first-time homeowners. Home renters who paid their rent on time for two years and are buying their first home would be eligible for the down payment assistance.
Additionally, the plan includes expanding rental assistance for eligible Americans, including veterans, by enforcing “fair housing laws.” She will call for legislation to crack down on companies contributing to surging rent prices and legislation to remove tax benefits for major investors who acquire large numbers of single-family rental homes.
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