- Program offers $6,000 in down
payment assistance to HBCU and PBI graduates, and can be layered
with other forms of assistance to increase affordability
CHICAGO, June 20,
2023 /PRNewswire/ - BMO today announced the launch of
a new Homebuyer Assistance Program for graduates of Historically
Black Colleges and Universities (HBCU) and Predominantly
Black Institutions (PBI), in partnership with the National
Association for Real Estate Brokers (NAREB), a trade organization
and network of Black real estate professionals. BMO and NAREB will
work to increase homeownership in Black communities by developing
programs to provide assistance for graduates of HBCUs and PBIs.
"BMO is committed to empowering young people to turn their
homeownership dreams into reality," said Kimberley Goode, Chief Communications and Social
Impact Officer, 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."
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.
"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."
Homebuyers will also gain access to a homebuyer preparation
course to ensure long term homeownership success. BMO will offer
current HBCU and PBI students a series of financial education
classes to strengthen their financial literacy.
The Homebuyer Assistance Program is part of BMO's $3 million commitment to advance homeownership in
underserved communities. The commitment will strategically increase
minority homeownership, drive the development of affordable
housing, and help families achieve real financial progress.
The program embodies BMO's efforts to advance an inclusive
economic recovery in the United
States. In November 2022, BMO
announced BMO EMpower 2.0 – pledging more than $40 billion over the next five years to address
key barriers faced by minority businesses, communities and
families.
About BMO Financial
Group
BMO Financial Group is the eighth largest bank in North America by assets, with total assets of
$1.25 trillion as of April 30, 2023. Serving customers for 200 years
and counting, BMO is a diverse team of highly engaged employees
providing a broad range of personal and commercial banking, wealth
management, global markets and investment banking products and
services to over 13 million customers across Canada, the United
States, and in select markets globally. Driven by a single
purpose, to Boldly Grow the Good in business and life, BMO is
committed to driving positive change in the world, and making
progress for a thriving economy, sustainable future, and inclusive
society.
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SOURCE BMO Financial Group