“By taking these challenges on… that not only lifts up black America, that lifts up all of America,” the presidential candidate said in her speech at Essence Festival
. Redlining drew boundaries around low-income and majority black communities and designated them as not eligible for federal loan assistance, preventing black families from borrowing money to purchase their own home. It is largely responsible for the racial homeownership gap that currently exists, where 73 percent of white families own their own homes while less than 50 percent of black and Latino families do.
“By taking these challenges on, we can close that gap,” Harris said. “That not only lifts up black America, that lifts up all of America.” Additionally, Harris’s plan includes increased funding to provide financial literacy education to first-time homebuyers and would strengthen fair housing enforcement and anti-discrimination lending laws, with the aim of updating the Home Mortgage Disclosure Act to prevent redlining. Harris also wants to amend the Fair Credit Reporting Act to include payment history of rent, utilities, and phone bills in the calculation of credit scores.
But Harris is not stopping at homeownership. She also said that she will soon unveil a plan to help black entrepreneurs and business owners. “We cannot bridge thejust by addressing historical inequities, although we must do that, we also have to write the next chapter… In the coming weeks I’ll announce new investments to support black entrepreneurs and business owners by increasing access to credit and capital,” she said.
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