Bank of America has launched $5 billion endeavor designed to increase affordable homeownership opportunities for low- to moderate-income homebuyers.
As part of this initiative, the company will commit $5 billion over the next five years to its Bank of America Neighborhood Solutions program, with the goal of helping more than 20,000 individuals and families across the country. The program will include a new down payment and closing cost assistance option, innovative low down-payment mortgages, grants that can be applied to non-recurring closing costs, user-friendly financial education tools, and access to real estate professionals and nonprofit entities that specialize in affordable homeownership.
“Today, our commitment to affordable and responsible homeownership is greater than ever, with half of our loans going to low- to moderate-income or multicultural families and communities,” said D. Steve Boland, Head of Consumer Lending at Bank of America. “We know many of our clients want the power to own their first home, which can sometimes be challenging. One of the ways we’re helping is through our suite of affordable homeownership solutions and professional resources, which aid them in overcoming barriers and put sustainable homeownership within reach.”