The San Francisco Reparations Committee has proposed paying every black longtime resident of the city $5 million and writing off debts entirely, Fox News reports.

The draft plan submitted by the advisory committee includes a list of recommendations, including a large payment.

The lump sum payment will compensate affected residents for decades of harm they have experienced and compensate for the economic losses collectively incurred by black San Francisco residents as a result of both intentional decisions and unintentional harm perpetuated by city government, the draft said.

The plan also seeks to create a comprehensive debt forgiveness program that involves full repayment for blacks of student and home loans, credit card debts and so on.

The project, for which the committee proposes to allocate $50 billion from the budget, has been submitted to the San Francisco Board of Supervisors. There has been no formal discussion of the proposals yet, but Board of Supervisors President Aaron Peskin said he hopes the plan will be approved.