@Skooby
“According to Harris' campaign, she would help 4 million homebuyers through down payment and closing-cost assistance -- granting up to $25,000 from the Department of Housing and Urban Development.
The program would target residents in red-lined communities -- areas the Home Owners' Loan Corporation has dissuaded lenders from investing in -- which her campaign identified as a culprit behind wealth disparities.
- In order to qualify for the program:
- The grantee must be purchasing a principal residence.
- The grantee must have lived for at least the preceding 10 years in a historically red-lined community that remains low-to-moderate income.
- Grantee families cannot have an annual income of over $100,000 or $125,000 in high-cost areas.
- Grantee individuals cannot make over $50,000 or $75,000 in high-cost areas.
- The max grant is capped at either $25,000 or 20% of the loan value plus closing costs.
- The maximum home price to qualify for the grant is $300,000 for consideration of high-cost areas.
- Consistent with our more inclusive credit-calculation proposals below, an individual or family would need to demonstrate an ability to pay the mortgage with the lender.
Read more at Combatting the Racial Homeownership Gap | Kamala Harris For The People
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Seems to be a global program not aimed at specifically black folks despite how it was presented. I wouldn’t qualify off income alone and probably 1 or 2 other factors. I have to read in more detail.
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