Amplify: The Harris-Walz Affordable Housing Agenda
Housing prices have soared in recent years and the nationwide shortage of affordable housing has put the American dream of home ownership beyond the reach of far too many working families.
In response, Vice President Kamala Harris campaign has announced an aggressive affordable housing plan that will be launched during her first 100 days in office. The Harris plan expands financial aid for first-time buyers, establishes tax incentives for companies that build starter homes and provides financial support for state and local governments to create new programs and eliminate regulatory roadblocks for new construction.
The plan is a key part of the Harris/Walz “Opportunity Economy” that will build the middle class by making the wealthy and corporations pay their fair share of taxes, cut everyday costs and taxes for average American families, create jobs and assist small businesses.
Highlights:
Construction of 3 Million New Housing Units in the Next 4 Years: The Harris/Walz Administration will partner with both business and local governments to remove the barriers to new housing and make rents and mortgages more affordable.
Tax incentives will be provided to those who build homes for first-time buyers and/or affordable rental units.
A $40 billion innovation fund will be created to help local governments develop new design and construction methods, implement creative financing opportunities and streamline the regulatory approval processes. Certain federal lands will also be repurposed for housing projects and the successful Biden programs to streamline construction permitting and approvals will be expanded.
Taking on Predatory Landlords: Harris’ plan will also expand existing programs to enforce fair housing laws, extend rental assistance for veterans, and increase housing supply for those experiencing homelessness. Harris’ proposed “Stop Predatory Investing Act” will end the tax benefits that have encouraged Wall Street investors and remote landlords to monopolize and drive up the costs of large numbers of single-family homes.
Providing Historic $25,000 Down Payment Support for First-Time Buyers: The Harris plan will provide up to $25,000 in down-payment assistance for first-time home buyers. It is projected that the assistance program will help more than 4 million buyers purchase their first home in just its initial four years.
