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Sen. Kamala Harris. Photo: Spencer Platt/Getty Images

Sen. Kamala Harris (D-Calif.) pitched her new 2020 plan to invest $100 billion in black homeownership at Essence Fest in New Orleans on Saturday in an effort to close the racial wealth gap and eliminate racial disparities in U.S. homeownership rates.

The big picture: Harris and other 2020 candidates attended 25th annual Essence Fest to pitch themselves to black female voters, ABC News reports. The event is hosted by Essence Magazine — a monthly publication that caters to black women.

Details:

  • The Housing and Urban Development Department would provide grants up to $25,000 to help homebuyers pay for down payments and closing-cost assistance.
  • Harris also plans to increase financial literacy programming for first-time homebuyers.
  • The 2020 hopeful wants to strengthen fair housing enforcement and anti-discrimination lending laws, specifically looking the update the Home Mortgage Disclosure Act to protect against redlining.

Harris' other plans would offer relief to renters who put more than 30% of their income toward rent. Separately, her LIFT tax plan would offer a $500 tax credit to working families that make less than $100,000 annually.

Go deeper: Kamala Harris on the issues, in under 500 words

Go deeper

1 hour ago - World

Pentagon warns of ISIS-K capabilities outside Afghanistan

The site of an airstrike conducted by the U.S. against a planner for ISIS-K in Nangarhar province, Afghanistan in August. Photo: Xinhua via Getty Images

U.S. intelligence believes ISIS-K has the "intent" to eventually launch attacks outside of Afghanistan and could be capable of doing so "somewhere between six or 12 months," a top Pentagon official told senators Tuesday.

Why it matters: The U.S. withdrawal and subsequent Taliban takeover of Afghanistan has raised fears that terrorist groups will reconstitute and potentially pose a renewed threat to the U.S. homeland.

Exclusive: Billionaires back new media firm to combat disinformation

Illustration: Aïda Amer/Axios

A new public benefit corporation backed by billionaires Reid Hoffman, George Soros, and others is launching Tuesday to fund new media companies and efforts that tackle disinformation.

Why it matters: Good Information Inc. aims to fund and scale businesses that cut through echo chambers with fact-based information. As part of its mission, it plans to invest in local news companies.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

Scoop: Sequoia Capital just blew up the VC fund model

Illustration: Aïda Amer/Axios

Sequoia Capital, one of the world's oldest and most successful venture capital firms, is forming a single fund to hold all of its U.S. and European investments, including stakes in publicly-traded companies, Axios has learned.

Why it matters: Venture capital is the money of innovation, but the industry itself rarely innovates. This is a radical exception.