As I read this thread, I'm really digging the idea of not giving outright cash, but providing benefits, such as reduced taxes. Here are a few ideas I really like:
1) Create a new classification of IRA. Name it whatever (Reparations IRA?) open only to black Americans. Anything put into it is tax exempt and anything withdrawn is tax exempt. Cap at $25,000/year. Basically, combine the taxation benefits of a Roth and Traditional IRA into a single IRA, and make the cap about 5x the current $5,500 limit. This will provide a reliable means for black Americans to save for retirement, assuming they have money to save (more on that soon). The goal here is to provide long-term retirement opportunities.
2) Open up a huge number of grants for public institutions AND certified technical/trade schools (e.g. electricians). Make the applications simple (one page) simply to collect information about the applicant, not to select who is worthy. The ultimate goal is to open up education opportunities to provide long-term educational benefits.
3) No federal taxes on black Americans for X amount of time (50 years?), including no federal income tax or social security/Medicare. This should provide a significant boost in income and allow for more individuals to take advantage of the school grants and the retirement account.
4) Healthcare should be single-payer anyway which will be such an improvement that I think I'm fine with that being the solution for all Americans.
5) Invest in black communities on a state and federal level. The demographics are already well known in major cities including how those cities are segregated, so start there. Improve infrastructure, move some government facilities closer to those areas to increase job opportunities, etc.
The trick, as always, is figuring out where the money comes from - I can think of some places we can move money from, but I'm well aware that it'd be s fight tooth and nails to make something happen given our extremely partisan government.