Bank of America commits $15B to home ownership efforts
The effort aims to help 60,000 low- and moderate-income Americans buy homes
Bank of America has committed $15 billion to homeownership efforts through 2025, the bank announced Wednesday.
The effort, which first launched in 2015 as a $5 billion initiative, aims to help approximately 60,000 low- and moderate-income Americans buy homes.
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"Homeownership is an incredibly powerful force, helping families to build wealth over time and strengthening our communities," D. Steve Boland, president of retail at Bank of America, said in a statement. "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."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BAC | BANK OF AMERICA CORP. | 45.88 | -0.22 | -0.48% |
Bank of America's Community Homeownership Commitment helped 21,000 Americans buy homes with affordable loans and more than $180 million in down payment and closing cost grants.
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The commitment is split into two programs: the Down Payment program, which helps eligible buyers in 260 U.S. cities receive 3% of a home's purchase price up to $10,000 for their downpayment, and America's Home Grant program, which offers a lender credit of up to $7,5000 for eligible applicants.
Homebuyers may receive an average of $14,000 to put toward their new homes using both programs together.