White House hopeful Sen. Kamala Harris (D-Calif.) released a $100 billion plan to invest in black homeownership Saturday, saying the proposal was one step toward closing the overall racial wealth gap.
Harris cited a study saying eliminating racial disparities in homeownership could boost the median black wealth by $32,113 per household and shrink the wealth gap between black and white households by 31 percent. The plan would have similar impacts for Hispanic households.
The plan would establish a $100 billion-dollar grant through the Department of Housing and Urban Development, of which up to $25,000 can be given to families or individuals to help with down payments and closing costs. Harris’s campaign said the grant could benefit up to 4 million families.
“So we must right the wrong and, after generations of discrimination, give black families a real shot at homeownership, historically one of the most powerful drivers of wealth,” Harris told the Essence Festival on Saturday in New Orleans.
Read more at The Hill.