Source: MPA —
Bank of America Corp. is expanding a mortgage program for low- to moderate-income homebuyers in an effort to address racial wealth gaps.
The lender, working with the non-profit Neighborhood Assistance Corp. of America, set a goal of providing $15 billion in mortgages through May 2027, according to an announcement Tuesday. Buyers get loans with no down payment, at below-market fixed-interest rates, and with closing costs paid by the bank. The program has provided more than 42,000 home loans since its inception in 1996, including 9,100 in the last two years, of which more than 85% are for people of color.
;
