Kamala Harris unveils plan to spend $100 billion on housing loans to close the racial wealth gap

Mail Online | 7/2/2019 | Josh Saunders For Dailymail.com
Cayley1561 (Posted by) Level 3
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Senator Kamala Harris has promised to help close the racial wealth gap by investing $100 billion to help Black families gain access to housing assistance if she is elected president.

Speaking at Essence Festival in New Orleans, Louisiana, the Democrat nominee from California believes her plan could help up to four million families.

Harris - Barriers - Black - Americans - Home

Harris vowed to 'remove the barriers' that Black Americans face when trying to qualify for a home loan.

'I will strengthen anti-discrimination lending laws and implement stricter enforcement,' she told a cheering crowd.

Plane - Government - Funds - Families - Practices

Her plane will see $100 billion of Federal government funds invested to help families who have been disadvantaged by redlining practices.

Redlining stemmed from the 1930s when the Home Owners' Loan Corporation (HOLC) rated risk levels for insurance and loan repayments on color coded maps.

Scale - Guideline - People - Communities - Loans

Deemed on a scale from 'hazardous' to 'best,' the guideline led to people from 'redlined communities' being refused loans, according to SmartAsset.

This predominantly discriminated against African-American neighborhoods by deeming them a 'higher risk,' the site reports, compared to white areas.

Households - Access - Mortgages - Class

It meant that white households gained access to low-cost mortgages, which in-turn helping the white middle class to grow.

This additional wealth was then passed down through generations - making them richer and also more likely to become future homeowners too.

Black - Families - Property - Ladder - Return

Meanwhile, Black families that could get on the property ladder 'didn't see the same return...
(Excerpt) Read more at: Mail Online
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