Bank of America puts $10B toward affordable homeownership

Fund supports low- to moderate-income communities

National /
Feb.February 04, 2021 09:00 AM
Bank of America CEO Brian Moynihan (Photo via Getty/iStock/Illustration by Kevin Rebong for The Real Deal)

Bank of America CEO Brian Moynihan (Photo via Getty/iStock/Illustration by Kevin Rebong for The Real Deal)

Bank of America is adding $10 billion to its affordable homeownership program over the next four years, Bloomberg News reported.

The bank’s program, aimed at low- to moderate-income homebuyers, gives participants a leg up by providing as much as $10,000 to put toward down payments. The program also provides $7,500 grants that can be used for closing costs.

This commitment expands upon the bank’s initial 2019 commitment of $5 billion. That funding has facilitated 21,000 home purchases and provided $180 million in grants for down payments and closing costs.

“If you look at the numbers, you can see there is a disparity of low- and moderate-income individuals in communities of color in terms of homeownership percentages,” D. Steve Boland, president of retail at Bank of America, said in an interview with the publication. “We want to work to bring that disparity down, and we want to do it in a responsible way.”

The bank committed $1 billion last year to address economic and racial inequality. It plans to use that money to invest in minority-focused banks and investment funds.

[Bloomberg News] — Sasha Jones





    Related Articles

    arrow_forward_ios
    With a cooling trade war, stocks perform well, including real estate. (Credit: iStock)
    Real estate stocks push up this week as U.S.-China trade tensions ease
    Real estate stocks push up this week as U.S.-China trade tensions ease
    416 West 25th Street and Maverick Real Estate Partners principal David Aviram (Credit: Google Maps and LinkedIn)
    Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
    Chelsea landlord claims “predatory” lender is charging a crippling interest rate as punishment after losing foreclosure case
    Douglas Elliman chairman Howard Lorber (Getty, iStock, Illustration by Kevin Rebong for The Real Deal)
    Elliman’s property management arm suffers data breach
    Elliman’s property management arm suffers data breach
    220 Central Park South (Getty)
    Second resale at 220 CPS among last week’s Manhattan luxury deals
    Second resale at 220 CPS among last week’s Manhattan luxury deals
    Photo illustration of Fredrik Eklund and Dottie Herman (iStock, Getty)
    Douglas Elliman expands into tight Texas housing market
    Douglas Elliman expands into tight Texas housing market
    15 Central Park West penthouse and Lindsay Rosenwald (Google Maps, BHS, Fortress)
    15 Central Park West penthouse sells for $46.7M
    15 Central Park West penthouse sells for $46.7M
    (iStock)
    Hot, hot, hot: Resi market sets new price records in March
    Hot, hot, hot: Resi market sets new price records in March
    Housing starts soared in March, which is good news for a residential market hampered by low inventory and high demand. (iStock)
    Good news: March housing starts soar 19%
    Good news: March housing starts soar 19%
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...