BofA Pledges $5 Billion for Its Affordable-Housing Program
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Bank of America Corp. pledged to commit $5 billion over the next five years to its program aimed at home buyers with low to moderate incomes and multicultural households.
The plan includes as much as $10,000 of assistance for down payments and one-off closing costs, as well as grants of as much as $7,500 for one-time costs such as title insurance and recording fees that don’t need to be repaid, Bank of America said in a statement Tuesday.