Bank Of America announced earlier this week (August 30) a new Commercial Real Estate Down Payment Grant of up to $25,000 (or 50% of injection) for those applying for Small Business Administration (SBA) 504 and 7(a) commercial real estate loans. This comes after the National Association of Realtors analysis found the home-ownership rates for Black Americans (43.4%) to be lower than it was in 2010 (44.2%) and almost 30 percentage points less than White Americans (72.1).
This program will be launched in select markets and expected to expand at some time in 2023. Commercial real estate property must be based in Opportunity Zones in Atlanta, Chicago, Charlotte, Dallas, Los Angeles, as defined by U.S. Treasury. One of the eligibility requirements for this program necessitates 51% women or minority business ownership and owner occupancy, along with 50% down payment from the applicant.
In related news, Bank of America also announced today it is offering a zero down payment, zero closing cost mortgage solution in select markets. The new Community Affordable Loan Solution™ aims to help eligible individuals and families obtain an affordable loan to purchase a home. It is now available to first-time homebuyers purchasing in select Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. This new program complements the existing $15 billion Bank of America Community Homeownership Commitment,™ which provides affordable mortgages, grants and educational opportunities with the goal of helping 60,000 low-to-moderate income individuals and families into affordable homes by 2025.
For more information, contact Bank of America at 1-800-641-8362.