Today's Video Headlines: 8/22/24
of proposals on housing policy, giving voters their first look at what the housing market might look like under a Harris administration.Her signature housing policy calls for up to $25,000 in federal down payment assistance for first-time homebuyers who have paid their rent on time for at least two years. That dramatically expands on Biden’s prior proposal for a $10,000 tax credit for first-time buyers, which had limited additional down-payment assistance to first-generation homebuyers.
Her key proposals, including down payment assistance, would require congressional approval. The nonprofit policy group Committee for a Responsible Federal Budget estimates that the new housing policies Harris proposes would cost $200 billion over four years, and more if they were made permanent.Kamala Harris’ signature housing policy calls for up to $25,000 in federal down payment assistance for first-time homebuyers who have paid their rent on time for at least two years.
It is unclear whether the Harris plan would have a citizenship requirement, but immigrants present in the country unlawfully are not eligible to apply for traditional, or “conforming,” mortgages. Depending on how the program was administered, that could also make them ineligible for federal assistance with a down payment.Several economists who spoke to Realtor.com cautioned that Harris’ plan could backfire by stoking demand in an already hot housing market, driving home prices even higher.
One way, he explains, would be to launch a government-sponsored enterprise dedicated to purchasing construction loans, the way Fannie Mae and Freddie Mac purchase mortgages.Several economists say Harris’ plan could backfire by stoking demand in an already hot housing market, driving home prices even higher.
“We are pleased that the foundation of her plan calls for the construction of 3 million new housing units because the primary way to tackle the nation’s housing affordability crisis is to increase the nation’s housing supply,” said NAHB Chair Carl Harris in a statement. Tim Walz says he and Kamala Harris ‘owe it to the American people’ to detail policies — despite not publishing any on campaign website
As builders constructed fewer homes after the crash, they also began focusing on larger, more expensive homes, which have higher profit margins. In 2015, the median square footage of new single-family homes peaked at 2,473, up from the 2,088 average in the decade through 2006. “When people think of starter homes, sometimes they have this kind of vision in their head of a white picket fence and a three-bedroom, two-bath rambler with a yard,” she says. “But planned urban developments are typically cheaper than your average suburban neighborhood, and specifically for first-time homebuyers, that’s critical, because they just need to get their foot on the property ladder.”
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