Harris Adds Minority Homeownership Proposal to Presidential Bid

Jul 08, 2019

The presidential campaign of Sen. Kamala Harris (D-CA) has introduced a proposal for a new $100 billion federal program that she said would “deal with the racial wealth gap” in regard homeownership.

According to a Politico report, the candidate unveiled her proposal on Saturday at the Essence Festival in New Orleans. Harris said her plan would offer down payment and closing cost assistance of up to $25,000 to people who are living or renting in communities that have a history of redlining against nonwhite residents. The plan would ultimately aid “put homeownership within reach” of approximately four million potential homebuyers, Harris added.

“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 also proposed expanding the Department of Housing and Urban Development’s fair housing program, strengthen federal anti-discrimination lending laws and amend the Fair Credit Reporting Act to enable the inclusion of rent, phone and utility payments on credit scores.

About the author

Phil Hall

Link copied

Published

Jul 08, 2019

Analysis and Data

Homeowners Insurance A Growing Concern in Florida and California

Majority of Fla. and Calif. survey respondents have been affected by insurance woes or live in an area that has, Redfin says

Insurance is at the top of mind for homebuyers and homeowners in Florida and California, which have become epicenters of the nationwide housing insurance crisis. Rising homeowners insurance premiums and changes in coverage are so commonplace now that nearly three-quarter...

Analysis and Data

California Home Sales Decline In March, Despite Increased Listings

The California Association of Realtors reports that the median home price rose 7.7% year-over-year.

After just last month announcing the resiliency of California home sales in February despite rising interest rates, figures released today by the California Association of Realtors (CAR) show sales volume in the state slipped in March as median home prices hit a seven-month ...