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United States News Title: Kamala Harris proposes $100 billion plan for black homeownership 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. The plan’s release comes as Harris surges in Democratic presidential primary polls following a debate last week in which she chastised former Vice President Joe Biden for his past opposition to busing and former associations with segregationist senators. The controversy has continued in recent days, with Biden defending his record. Black voters are a critical constituency in the Democratic primary, especially in the South. Harris, speaking at the Essence Festival in New Orleans, said her program would “put homeownership within the reach” of millions of families. POLITICO Playbook newsletter Sign up today to receive the #1-rated newsletter in politics Email Your email… Sign Up By signing up you agree to receive email newsletters or alerts from POLITICO. You can unsubscribe at any time. “A typical black family has just $10 of wealth for every $100 held by a white family,” she said. “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. Democrats concerned about income and racial inequality in the United States have long pointed to the lasting effects of red-lining — and persistent gaps in the rates of black and white homeownership, a traditional means of building wealth. 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. On Saturday, 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. < Post Comment Private Reply Ignore Thread |
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