Finance

BMO Homeownership Program: $2M to Disadvantaged Communities in California

BMO Homeownership Program: $2M to Disadvantaged Communities in California

BMO announced a $2 million pledge to grow its Welcome Home Grant initiative, which assists Californian families in underprivileged neighborhoods in achieving their goal of becoming homeowners.

Seven additional markets are being added to the program: Los Angeles, San Francisco, Oakland, San Diego, San Jose, Anaheim, and Riverside. Chicago, Phoenix, Milwaukee, and Minneapolis are the areas where the program is accessible. It was first introduced in March 2022.

According to the most recent BMO Digital Real Financial Progress Index, many obstacles have made it more difficult for nearly two-thirds of Americans to secure housing, which is why they are delaying buying a home.

The enlarged Welcome Home Grant program helps qualified applicants with closing costs and the down payment for a home purchase contract by providing up to $16,000 in funding. Buyers from underprivileged neighborhoods will be able to obtain the credit they require in this way, hastening the process of buying a property.

In California, qualifying individuals may receive up to $26,500 when this program is combined with other housing finance programs.

In May, BMO announced a two-year commitment of $3 million that would accelerate efforts to close the wealth gap between races and increase minority and low-income communities’ access to homeownership.

To promote minority homeownership, encourage the construction of affordable housing, and assist families in making financial progress, grants will be strategically provided to non-profit organizations, housing agencies, and reputable community organizations.

“BMO is committed to helping qualified homebuyers make real financial progress toward becoming homeowners, which historically has been an important element of getting ahead financially,” said Eric Smith, vice president of BMO.

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