Democratic presidential candidate Sen. Kamala Harris pledges to invest $100 billion to close the racial homeownership gap for black and minority families if she is elected president.
Harris unveiled her plan during her speech at the Essence Music Festival on Saturday. The investment “would provide down-payment and closing-cost assistance to four million homebuyers who rent or live in historically red-lined communities.”
According to Sen. Harris’ campaign website, the plan “will create a $100 billion U.S. Housing and Urban Development-administered grant to provide up to $25,000 in down payment assistance and closing costs.”
Harris also pledges to amend the Fair Credit Reporting Act to require scores reported by the credit reporting bureaus to include rent, telephone and utility payments.
Watch Kamala Harris’ speech at Essence Fest: