For many families in Tallahassee, and across the country, home ownership, among other things, provides meaningful financial benefit (such as wealth appreciation and income tax benefit)
In addition to financial benefits, studies have shown that home ownership for a family also meaningfully improves (a) children’s educational achievement, (b) civic/community participation, (c) physical and psychological health for families, and (d) reduces neighborhood crime rates.
Unfortunately, the cost of home ownership in the US continues to rise, putting the dream of home ownership out of reach for many in our community.
At Bank of America we are committed to affordable and responsible homeownership. We participate in many affordable housing assistance programs for qualified buyers. These programs can reduce cash-to-close costs or provide monthly payment assistance to help customers buy a home.
In April of this year Bank of America announced a new $5 Billion affordable homeownership initiative. Over the next 5 years that program will help more than 20,000 individuals and families achieve the dream of homeownership. Our America’s Home Grant® program can be used toward nonrecurring closing costs, such as title insurance, recording fees and in certain situations, discount points that may be used to lower the interest rate. It cannot be applied toward down payment, prepaid items or recurring costs, such as property taxes and insurance.
The grant amounts are up to $7,500 and borrowers cannot receive program funds as cash back.
In Leon County the income limit for the grant program is $52,480, additionally the location of the property, it’s proximity to a low-to moderate-income census tract can affect the percentage of the maximum grant that borrowers may receive.
Bank of America is also helping our clients through financial literacy and education curriculum provided directly by the bank and indirectly through agencies the Bank supports through our local foundation. For example, Bank of America has partnered with the online education platform of the Khan Academy to create the Better Money Habits program.
For more information about this program, or any other financial questions, please feel free to contact me or one of my teammates at Bank of America.
David Y. Hulse, Jr. – Tallahassee Market President
Market Manager, Global Commercial Banking
As Market President, David Hulse is Bank of America’s leader in Tallahassee, Florida. In addition to being Market President, David serves as Market Manager in Global Commercial Banking , where he manages a team of Relationship Managers across the Florida Panhandle, South Georgia, and South Alabama. David’s banking career began in 1987 when he joined a Bank of America predecessor in Tampa, FL.
