The COPS program has received roughly $14 billion in the 26 years since it began (more than $500 million per year), so putting $300 million more into it will probably not make any difference.
Applying racial requirements to the hiring process may slow it down, and while mirroring the racial makeup of communities may make some people more comfortable, it will likely further the divide between races in America rather than minimize it. Additionally, establishing racial requirements for hiring sets a dangerous precedence for excluding individuals from job opportunities based on their race.
This program will introduce more police officers into the streets, but the current police officers need to be addressed first. Until there is evidence that police reform can be achieved, there should not be any push for more officers.