BMO (NYSE:BMO) has rolled out the Homebuyer Assistance Program for graduates of Historically Black Colleges and Universities (HBCU) and Predominantly Black Institutions (PBI).
Created in partnership with the National Association for Real Estate Brokers (NAREB), a trade organization and network of Black real estate professionals, the program offers homebuyers $6,000 in down payment assistance and can be layered with other programs to receive up to $20,000 or more in assistance.
Eligible homebuyers must purchase their home in BMO’s footprint including (but not limited to) Chicago, Los Angeles, San Francisco, Denver, Milwaukee, Phoenix, Minneapolis and Indianapolis. The program is exclusively available when working with a NAREB Realtist agent.
BMO also will offer current HBCU and PBI students a series of financial education classes to strengthen their financial literacy and prepare them for homeownership.
“BMO is committed to empowering young people to turn their homeownership dreams into reality,” said Kimberley Goode, chief communications and social impact officer at BMO. “This program provides invaluable resources that are critical to help make real financial progress within the communities we serve. Further, it shows our steadfast commitment for a thriving economy, sustainable future, and inclusive society.”
“We know that homeownership is one of the biggest drivers of generational wealth for Black Americans,” said Courtney Jones, third vice president of NAREB. “Our partnership with BMO seeks to create homeownership opportunities early on with young Black graduates to establish a solid understanding and promotion of financial growth as they begin their adult lives.”