The initiative includes a pledge to boost federal contracts to minority-owned businesses and a rollback of Trump-era actions that hamstrung fair housing laws.
The federal housing agency plans to help Black homeowners as part of its racial justice agenda.
Housing Secretary Marcia Fudge will announce a plan to increase down payments for F.H.A. loans, targeted to assist Black home buyers.Credit.Michelle Gustafson for The New York Times
May 28, 2021, 9:53 a.m. ET
Housing Secretary Marcia Fudge is planning a broad new effort to fight housing discrimination that includes a $100 million initiative intended to spur Black homeownership in areas historically off-limits to minorities, administration officials briefed on the plan said.
The pilot program, part of the $6 trillion budget request planned to be released by President Biden on Friday, would pay for increased down payments from recipients of Federal Housing Administration loans, giving borrowers instant ownership equity comparable to that of their more affluent neighbors and white homeowners.
The steal that needs to be stopped is the one that robs Black voters of access to the ballot box and strips them of their faith in the election system.
Michael D Shear and Annie Karni, The New York
Published: 13 Dec 2020 04:49 PM BdST
Updated: 13 Dec 2020 04:49 PM BdST President-elect Joe Biden listens as Janet Yellen, Biden s nominee for Secretary of the Treasury, speaks during an event at The Queen theater, in Wilmington, Del., on Tuesday, Dec. 1, 2020.
The head of the NAACP had a blunt warning for President-elect Joe Biden when Biden met with civil rights leaders in Wilmington, Delaware, this past week. );
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Nominating Tom Vilsack, a secretary of agriculture in the Obama administration, to run the department again would enrage Black farmers and threaten Democratic hopes of winning two Senate runoffs in Georgia, the NAACP head, Derrick Johnson, told Biden.