Kamala Harris Unveils A $100 Billion Plan To Promote Black Homeownership

Kamala Harris Unveils A $100 Billion Plan To Promote Black Homeownership

The 2020 Democratic presidential candidate recently proposed a $100 billion plan, which is targetted at financially empowering black people, so that they get a shot at home ownership.

Kamala Harris has proposed a $100-billion plan that is aimed at helping black people purchase homes. The California senator and 2020 Democratic presidential candidate spoke about the proposed plan at the Essence Fest in Orleans. 



 

Politico reports that the plan Harris is proposing is aimed to "deal with the racial wealth gap". The plan hopes to provide funding for a down payment as well as closing cost assistance of up to $25,000 to people who are renting or residing in historically red-lined communities. The proposed plan is said to help an estimated 4 million potential home-buyers. 



 

Harris's proposed program will aim at financially empowering the Department of Housing and Urban Development (HUD) up to $25,000 in the form of grants that will help with financing families who make up to $100,000 or $125,000. The grants will help people looking to rent or purchase homes in high-cost areas. The plan proposed by Harris also hopes to offer financial literacy programs to people who are buying homes for the first time. 



 

"A typical black family has just $10 of wealth for every $100 held by a white family," Harris said at the festival. "So we must right that wrong and, after generations of discrimination, give black families a real shot at homeownership, historically one of the most powerful drivers of wealth in our country."



 

Another goal that Harris has set for herself is to improve any anti-discrimination lending laws, HUD's fair housing program as well the Fair Credit Reporting Act, which will include rent, phone, and utility payments in credit scores. 



 

The presidential hopeful has also been campaigning for changes in several policies, which perpetuate discrimination in the United States. Harris has proposed Medicare for all and has also called for banning private prisons. 

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