Florida Democrats are embracing Kamala Harris’ plan for billions in government assistance programs for first-time home buyers.
Harris’ plan would build 3 million new houses in her first four years. It would expand the Low-Income Housing Tax Credit that gives tax breaks to developers and give $25,000 in down payment assistance to first-time home buyers. Some analyst estimate that $40 would be given to local governments to fund Harris’ pproposal.
“This plan would make housing become affordable and attainable for many in Jacksonville and across Florida,” said Jacksonville Mayor Democrat Donna Deegan.
But critics of Harris’ proposal point out that currently, there is already government assistance for those looking to buy their first home.
“First-time homebuyers already qualified for a lot of down payment assistance and can get one percent down payments from Fanny or Freddie or FHA mortgages, so this would be another subsidy on top of that,” said Allysia Finley from the Wall Street Journal.
The Federal government offers low-down payment conventional loans: Conventional loan programs that require just 3 percent down. Loans, grants and matching programs to help consumers with down payments and closing costs backed by the federal government
Not only is there money from the federal government but there is also state and local money for housing assistance.
Through the Florida Housing Finance Corporation, the state offers 30-year fixed rate first mortgage loans to first-time homebuyers through participating lenders, which help with down payment and closing cost assistance.
Using FHA, VA, USDA, and conventional loans, first-time home buyers in Florida could get up to $10,000 in assistance.
Local Florida cities and counties also have their own government programs for home buyers through (SHIP) State Housing Initiatives Partnership. The program provides funds to local governments to create affordable housing.
In Jacksonville, Mayor Deegan has proposed up to $50,000 in down payment assistance to first-time homebuyers spending around $10 million of taxpayer subsidies.
Talk Radio financial analyst Steve Beaman says Democrats aren’t being honest about the Vice president’s housing package.
“There are already billions of taxpayers’ dollars being doled out each year from federal, state, and local communities on in housing programs for first-time home buyers, and yet the Harris campaign wants to spend more that isn’t needed,” says Beaman.
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