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Bank of America is tripling its affordable homeownership commitment to $15 billion through 2025, with hopes to help more than 60,000 individuals and families purchase homes, according to a press release.
The initiative was first launched in 2019 starting at $5 billion as the Bank of America Community Homeownership Commitment. The Community Homeownership Commitment helps low- and moderate-income homebuyers nationwide, build their personal wealth through homeownership and has already helped 21,000 individuals and families purchase a home through affordable loans by issuing more than $180 million in down payment and closing cost grants, according to the press release.
"Homeownership is an incredibly powerful force, helping families to build wealth over time and strengthening our communities. It can be challenging to save enough to buy a home, so it’s no surprise that we’ve seen an overwhelmingly positive response to our programs," said D. Steve Boland, president of retail at Bank of America.
The company states that half of its home loans are to low- and moderate-income or multicultural families and communities. Bank of America states that this has been possible through the Down Payment Grant program and America's Home Grant program. The Down Payment Grant program helps customers overcome the biggest barrier to homeownership. In more than 260 cities and counties across the country, eligible buyers can receive 3% of the home’s purchase price up to $10,000, whichever is less, to be used toward their down payment. No repayment is required. The America’s Home Grant program offers a lender credit of up to $7,500 that can be used towards non-recurring closing costs, like title insurance and recording fees, or to permanently buy down the interest rate. The funds do not require repayment and can be combined with Down Payment Grant funds to lower the cost of homeownership.
Click here to read more about BofA's Affordable Homeownership Commitment.