Kamala Harris announces $100B plan for black homeownership

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.