Bank of America Community Homeownership Commitment Delivers Over $15 Billion in Affordable Home Loans and Grants

Bank of America (NYSE:BAC) will continue its Community Homeownership Commitment as an ongoing program after delivering over $15 billion in affordable home loans since 2019.

Rhea-AI Summary

Bank of America (NYSE:BAC) will continue its Community Homeownership Commitment as an ongoing program after delivering over $15 billion in affordable home loans since 2019.

The initiative has supported more than 57,000 homebuyers with over $600 million in non-repayable down payment and closing cost grants and will keep offering grants, low-down-payment loans, and free homebuyer education.

Positive

• Delivered over $15 billion in affordable home loans since 2019
• Provided more than $600 million in non-repayable down payment and closing cost grants
• Supported 57,000 homebuyers nationwide through the Community Homeownership Commitment
• Program becomes an ongoing commitment rather than a time-limited initiative
• Offers up to $10,000 down payment grants and $7,500 closing cost assistance
• Partnerships with over 300 HUD-certified housing counseling organizations expand program reach

Negative

• None.

Argus May 28 session

-0.65% close to close Open Argus

Details

News Market Reaction – BAC

On May 28, the day this news came out, BAC closed 0.65% below the previous close.

Data tracked by StockTitan Argus for the May 28 session.

Key Figures

Affordable home loans: Over $15 billion Homebuyers supported: 57,000 homebuyers Grants provided: Over $600 million +5 more

Affordable home loans

Over $15 billion

Community Homeownership Commitment since 2019

Homebuyers supported

57,000 homebuyers

Benefited from CHC loans and grants since 2019

Grants provided

Over $600 million

Down payment and closing cost grants nationwide

Down payment grant

Up to $10,000

Or 3% of purchase price, whichever is less

Grant percentage cap

3% of home purchase price

Cap for down payment grant amount

America's Home Grant

Up to $7,500

Applied to closing costs or interest rate buydown

Clients served

Nearly 70 million

BAC clients in the United States

Retail financial centers

Approximately 3,500

BAC retail financial centers in the United States

Historical Context

5 past events · Latest: May 21

5 events

1. May 21

   Asset outlook

   24h Move

   +0.5%

   Specialty Asset Management Outlook highlighting opportunities across several real asset classes.

2. May 19

   Consumer study

   24h Move

   +0.0%

   Gen Z financial habits survey under the Better Money Habits program.

3. May 05

   Sports partnership

   24h Move

   +1.8%

   Portland Thorns partnership naming BAC as Official Wealth Management Partner.

4. May 05

   Advisor recognition

   24h Move

   +1.8%

   Recognition of 2,314 Merrill advisors on Forbes Best‑in‑State lists.

5. Apr 24

   Financing deal

   24h Move

   +1.1%

   Financing participation for a large data center project tied to Oracle and OpenAI.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

down payment, closing costs, low‑down‑payment mortgage, HUD-certified housing counseling organizations, +2 more

6 terms

down payment financial

"A down payment grant of up to $10,000 (or 3% of home purchase price..."

An initial upfront payment made by a buyer when purchasing a high-cost item—like a house, car, or large service—intended to cover part of the total price and reduce the amount financed. Think of it as a security deposit that shows commitment and lowers the lender’s risk; larger down payments typically mean smaller loans, lower monthly payments, and less chance of default. For investors, average down payment sizes signal buyers’ financial health, influence a lender’s credit exposure, and affect short‑term cash flow and long‑term demand in financing‑dependent markets.

closing costs financial

"applied toward eligible non‑recurring closing costs — such as title insurance..."

Fees and charges paid when a deal is finalized—such as the costs to complete a property purchase, loan agreement, or corporate transaction—and that are added on top of the advertised price. These one-time expenses (like taxes, legal fees, agent commissions or administrative charges) matter to investors because they reduce the net cash received or increase the total cash outlay, affecting actual returns much like hidden service fees change the true cost of a car purchase.

low‑down‑payment mortgage financial

"Low‑down‑payment mortgage options designed for low- to moderate‑income borrowers..."

A low-down-payment mortgage is a home loan that lets buyers put only a small upfront deposit toward the purchase instead of a larger one, so the borrower finances a bigger share of the home's price. For investors, these loans matter because smaller buyer equity raises the chance of default and bigger losses in a falling market, affecting housing demand, the credit quality of mortgage-backed securities and lenders’ returns—like a thinner safety net increasing risk for everyone involved.

HUD-certified housing counseling organizations regulatory

"partners with more than 300 nonprofit, HUD-certified housing counseling organizations..."

HUD-certified housing counseling organizations are local nonprofits or agencies approved by the U.S. Department of Housing and Urban Development to provide unbiased advice and practical help on renting, buying, mortgage issues, foreclosure prevention and budgeting. Think of them as certified financial guides for housing; they matter to investors because their counseling can improve loan repayment, stabilize rental markets and influence demand for housing-related investments and government-backed programs.

housing choice voucher programs regulatory

"we work with hundreds of community down payment assistance programs, housing choice voucher programs..."

Housing choice voucher programs are government-funded rental assistance that help low-income households pay a portion of their rent while the program covers the difference to qualifying landlords; local agencies determine eligibility and administer payments. For investors, these programs can stabilize occupancy and cash flow for rental properties, shape local housing demand and pricing, and introduce policy risk—think of vouchers as a steady, government-backed portion of a tenant’s rent that can influence property income and valuation.

automated teller machines technical

"approximately 15,000 ATMs (automated teller machines) and award-winning digital banking..."

Automated teller machines are electronic kiosks that let customers withdraw cash, deposit funds, transfer money and check balances without a human teller, using a bank card, PIN or contactless methods. For investors, an ATM network matters because its size, location and uptime affect a bank’s fee income, customer convenience and operating costs—similar to how a chain of storefronts increases reach and sales—so ATMs influence revenue, customer retention and competitive position.

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Program will become a standing commitment, continuing to help individuals and families overcome barriers to homeownership amid persistent affordability challenges

Key points

• Bank of America is continuing its Community Homeownership Commitment after delivering more than $15 billion in affordable home loans since 2019.
• The program has supported more than 57,000 homebuyers and provided over $600 million in down payment and closing cost grants nationwide.
• Through CHC, consumers can continue to access non-repayable grants, affordable lending solutions and free education resources to address affordability challenges in today's housing market.

CHARLOTTE, N.C., May 28, 2026 /PRNewswire/ -- Bank of America announced today that its Community Homeownership Commitment will remain in place following the successful delivery of more than $15 billion in affordable home loans, including over $600 million in down payment and closing cost grants, to 57,000 homebuyers across communities nationwide. This multi-year initiative, launched in 2019, has expanded access to affordable and sustainable homeownership.

"Affordability remains one of the biggest barriers to homeownership today," said Matt Vernon, head of Consumer Lending at Bank of America. "Continuing this commitment reflects years of focused work to help more people move from aspiration to ownership through responsible lending and targeted solutions, while recognizing that the challenges in today's housing market are ongoing."

The Community Homeownership Commitment reinforces Bank of America's long‑standing effort to help people access sustainable homeownership by reducing upfront costs in markets where affordability pressures have intensified. It includes affordable mortgage products, non-repayable grants, financial education resources and access to dedicated lending professionals and community partners.

The program offers:

• A down payment grant of up to $10,000 (or 3% of home purchase price, whichever is less) to help eligible buyers address one of the biggest barriers to homeownership in select areas.
• Up to $7,500 through America's Home Grant®, which can be applied toward eligible non‑recurring closing costs — such as title insurance and recording fees — or used to permanently buy down the interest rate.
• Low‑down‑payment mortgage options designed for low- to moderate‑income borrowers and first‑time homebuyers.

As a key part of the program, Bank of America partners with more than 300 nonprofit, HUD-certified housing counseling organizations nationwide to provide homebuyer education and preparation. The bank collaborates with strategic trade partners to engage real estate professionals in supporting modest income and first-time buyers. Additionally, we work with hundreds of community down payment assistance programs, housing choice voucher programs and grant providers to help buyers maximize available resources for homebuyers.

Frequently asked questions

Question: Are you re‑committing to another $15 billion in loans and grants?
Answer: We have not set a new, specific dollar target for the bank. Rather, having achieved the $15 billion goal established in 2019, we have decided to continue the program and its solutions because affordability remains a significant challenge for many prospective homeowners in today's housing market.

Question: Is the program running indefinitely now?
Answer: Yes, as the program has helped address barriers to homeownership over the past several years, today's environment—marked by rising housing costs, higher interest rates, and limited housing supply—continues to create challenges for individuals and families. Our Community Homeownership Commitment is now an ongoing program, allowing us to build on what has worked and remain responsive to ongoing affordability pressures in many communities.

Question: Will the program continue to offer the same benefits?
Answer: Yes. The program will continue to offer down payment and closing cost grants, low‑down‑payment mortgage options, financial education, and access to dedicated lending specialists and community partners. These tools are designed to help more people responsibly achieve sustainable homeownership in markets where affordability challenges persist.

Bank of America

Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,500 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. As the #1 small business lender in the United States (FDIC), Bank of America offers industry leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

Reporters may contact

Susan Atran, Bank of America 
Phone: 1. 646-599-3300
susan.atran@bofa.com

 

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SOURCE Bank of America Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Bank of America (BAC) announce about its Community Homeownership Commitment on May 28, 2026?

Bank of America announced that its Community Homeownership Commitment will continue as an ongoing program. According to Bank of America, the initiative has already delivered over $15 billion in affordable home loans and more than $600 million in grants to 57,000 homebuyers nationwide.

How much has Bank of America’s Community Homeownership Commitment delivered in affordable loans and grants?

The program has delivered more than $15 billion in affordable home loans since 2019. According to Bank of America, it also provided over $600 million in non-repayable down payment and closing cost grants, supporting more than 57,000 homebuyers across U.S. communities.

What grants are available to homebuyers through Bank of America’s Community Homeownership Commitment (BAC)?

Eligible buyers can receive a down payment grant up to $10,000 or 3% of the purchase price. According to Bank of America, they may also access up to $7,500 through America’s Home Grant for closing costs or to permanently buy down the mortgage interest rate.

Is Bank of America setting a new dollar target for its Community Homeownership Commitment?

Bank of America is not setting a new specific dollar target for the program. According to Bank of America, after achieving its original $15 billion goal, it chose to keep the commitment ongoing because housing affordability challenges remain significant for many prospective homeowners.

Will Bank of America’s Community Homeownership Commitment continue indefinitely?

Yes, the Community Homeownership Commitment is now an ongoing, standing program. According to Bank of America, this structure allows the bank to build on past results and stay responsive to continued affordability pressures like higher housing costs, interest rates, and limited housing supply.

What types of borrowers does Bank of America’s Community Homeownership Commitment focus on?

The program focuses on low- to moderate-income borrowers and first-time homebuyers. According to Bank of America, it offers low-down-payment mortgage options, grants, and education to help these groups achieve sustainable homeownership in markets facing heightened affordability challenges.

How does Bank of America partner with nonprofits in its Community Homeownership Commitment?

Bank of America partners with more than 300 nonprofit, HUD-certified housing counseling organizations nationwide. According to Bank of America, these partners provide homebuyer education and preparation, while additional community programs and grant providers help buyers maximize available down payment and closing cost assistance.