Vice President Kamala Harris is set to announce a comprehensive economic agenda on Friday, featuring a bold proposal to provide first-time homebuyers with up to $25,000 in down payment assistance. This initiative aims to support working families and first-generation homeowners in achieving their dream of owning a home.

Key Highlights:

– Up to $25,000 in down payment aid for first-time homebuyers who have paid rent on time for two years
– More generous support for first-generation homeowners
– Simplified and expanded version of President Biden’s proposal
– Expected to benefit over 4 million first-time homebuyers over four years

Additional Housing Initiatives:

– Construction of three million housing units for rent and purchase
– Tax incentives for builders creating starter homes for first-time buyers
– $40 billion innovation fund for rental and housing solutions

Larger Economic Agenda:

– Ban on “price gouging” for food and groceries
– Empowering the Federal Trade Commission to punish companies for price gouging
– Removal of taxes on tips for hospitality and service workers
– No tax increases for households earning $400,000 or less
– Prescription drug price policy details to be announced

Harris’ economic plan aims to address various aspects of the economy, with a focus on supporting working families and promoting affordable housing. The down payment assistance program is a significant component of this agenda, providing a crucial boost to first-time homebuyers.