- 'Welcome Home Grant' program expanded to Los Angeles, San Francisco, Oakland, San Diego, San Jose, Anaheim, and Riverside
- Applicants may be eligible for up to $26,500 to assist with down payments and closing costs
LOS ANGELES, Nov. 29, 2023 /CNW/ - BMO today announced a $2 million commitment to expand its Welcome Home Grant program, helping households in underserved California communities make progress for homeownership. The program is expanding to seven new markets, including Los Angeles, San Francisco, Oakland, San Diego, San Jose, Anaheim, and Riverside. The program, which launched in March 2022, is available in seven other markets including Chicago, Phoenix, Milwaukee and Minneapolis.
A recent BMO Real Financial Progress Index found that nearly two thirds of Americans are holding off on buying a home, as several factors have pushed housing affordability to challenging levels. The expansion of the Welcome Home Grant program offers up to $16,000 in grants to eligible borrowers to help with down payment and closing costs, helping buyers in underserved communities access the credit they need and accelerate their journey to homeownership. When paired with other home financing programs, eligible borrowers in California can receive up to $26,500 or more in combined assistance.
"BMO is committed to helping eligible homebuyers make real financial progress through homeownership, which has historically been an important element of getting ahead financially," said Eric Smith, Vice Chair, BMO. "The Welcome Home Grant program removes barriers to homeownership for low- to moderate-income and minority communities. At BMO, we are driven by our Purpose, to Boldly Grow the Good in business and life, and to be a catalyst for an inclusive society, including through offerings that help to close the racial wealth gap."
"This program expansion allows BMO to help even more homebuyers in underserved communities across the U.S., assisting individuals and families with a critical boost to help achieve their dream of homeownership," said Brenda J. Rodriguez, Executive Director of Affordable Housing Clearinghouse in California.
The program embodies BMO's efforts to advance inclusive economic progress in the United States. It is integral to EMpower 2.0, BMO's more than $40 billion community benefits plan, which is a series of commitments that address key barriers to economic inclusion by supporting and investing in communities and organizations across the United States, with over $16 billion dollars of the planned commitment targeted for California.
For additional information on the Welcome Home Grant, visit BMO.com.
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 July 31, 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.
SOURCE BMO Financial Group