of color with abusive loans while government regulators sat on their hands, further extracting wealth from these same communities. (7) The legacy of housing discrimination and regulatory negligence is a contributor to a large and growing gap in wealth and outcomes between Black and White families. The median income White family in the United States has almost 10 times the wealth of the median income Black family in the United States. The gap between the White homeownership rate and the Black homeownership rate is bigger today than it was when housing discrimination was legal. Seventy-five percent of formerly redlined communities are still low-income and 66 percent are still minority communities. (8) The purpose of this section is for the Federal Government to take the first step toward addressing the racial wealth gap that it contributed to creating by helping individuals or descendants of individuals who were harmed by housing discrimination or negligence by the Federal Government. (b) Definitions In this section: (1) Eligible resident The term eligible resident means a resident of a geographic area, as defined by the Secretary by regulation under subsection (g), who— (A) is a first-time homebuyer