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    Home»Politics»Election 2020»Kamala Harris announces $100B plan for black homeownership
    Election 2020

    Kamala Harris announces $100B plan for black homeownership

    Alex HaynesBy Alex HaynesJuly 6, 2019Updated:July 6, 2019No Comments2 Mins Read
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    Presidential hopeful and current Senator Kamala Harris (D-California) proposed a $100 billion federal program to help black people buy homes.

    What We Know:

    • Harris appeared at Essence’s Global Black Economic Forum and emphasized the role that homeownership drives the growth of wealth in the United States.
    • The California senator said the plan, which would provide down payment and closing cost assistance of up to $25,000 to people renting or living in historically red-lined communities, would help some 4 million home-buyers.

    “A typical black family has just $10 of wealth for every $100 held by a white family, 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.”

    • Harris’ housing program would come in the form of U.S. Department of Housing and Urban Development grants limited to families with incomes up to $100,000, or $125,000 in high-cost areas.
    • Harris also pledged to work to expand HUD’s fair housing program, strengthen anti-discrimination lending laws and amend the Fair Credit Reporting Act to require that credit scores include rent, phone and utility payments.
    • Sen. Elizabeth Warren, a fellow 2020 contender, previously proposed providing down payment grants to first-time homebuyers in formerly red-lined, segregated and lower-income areas.

    We’ll continue to follow this story.  Check back at BNA for updates.

    black homownership Essence Festival Global Black Economic Forum HUD Kamala Harris
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    Alex Haynes
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    Alex Haynes is Editor-At-Large/NYC Editor at Urban Newsroom, Executive Editor at UNR's Black Alerts and the host of Boss Mornings and Unmuted Nation. Alex joined Urban Newsroom in 2010 and contributes regular op-ed and editorial pieces while advising the columnist and contributing staff.

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