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.
“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.”
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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.
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.