Homeownership key to building wealth

Much of Michigan’s growth and metro Detroit’s revitalization over the past decade can be attributed to the investments of Michiganders who are committed to growing our shared economy.

At Bank of America, we invest in businesses and in people. But it’s not an either-or proposition — growing our businesses or supporting our communities — it’s both. It’s about the “power of and.”

Both in Michigan and across the U.S., our focus is on responsible growth. We understand that our business can only be as successful as the people and communities we serve. is fundamental relationship with our clients is why responsible, sustainable growth and economic mobility initiatives — including efforts to improve health and wellness, small business growth and increasing homeownership — are critical to our long-term success.

Further, we invest in metro Detroit and communities across the state because helping solve big challenges in the state and meeting the expectations of our shareholders is how we demonstrate the “power of and.”

One of the key pillars of responsible growth is to grow with a customer focus, which is especially important in Detroit, and other communities where economic mobility is uneven. Without good health, people can’t work. Without quality jobs, economies become stagnant. Without small business success, communities falter, and without affordable housing, economic disparities continue to grow.

One way Bank of America invests in Michigan is by supporting homeownership, which can help local individuals and families to build generational wealth.

Since 2019, for example, our $15 billion Community Homeownership Commitment has helped make home ownership more a ordable and sustainable through low-rate mortgages and nonrepayable grants to help with down payment and closing costs. To date, our program has provided more than $10 billion in lending and $390 million in grants nationwide, helping nearly 40,000 people to become homeowners. In the city of Detroit, more than 80 families have received nearly $8 million in a ordable mortgages and over $600,000 in nonrepayable grants, while in Wayne County, nearly 225 individuals and families have received over $25 million in a ordable mortgages and $1.5 million in grants.

Complementing that e ort, the bank launched the Community Affordable Loan Solution in ve U.S. cities, including Detroit, in August 2022. e program helps quali ed rst-time homebuyers in communities that have historically faced challenges in accessing traditional credit. e product features exible credit guidelines like on-time rent and utility payments and includes $10,000 in down payment assistance in Wayne County as well as lender paid nonrecurring closing costs. In fact, the bank’s rst homebuyer through this program was in metro Detroit.

In a separate e ort, we continue to collaborate with the Detroit Economic Growth Corporation in supporting for all skill levels. e Detroit Regional Partnership’s job is to market the assets of the region to attract as many quality jobs as possible for all skill levels. If those jobs are created here, then we dedi- cate sta to help new companies access untapped and historically excluded talent through our network of partners. Our goal is to create opportunities and career pathways today, but also bring innovators here that will create the jobs of tomorrow. By increasing our focus on curated talent concierge services and increased marketing e orts built around our rich diversity — we can help create a more prosperous region with increased opportunities for all, now and in the future. small businesses. And we in 2022, awarded more than $3.6 million in community “giving” grants to 64 Metro Detroit area nonpro ts through the Bank of America Charitable Foundation Detroit Market. e “Power of &” is the theme for this year’s conference, and we look forward to having important and sometimes di cult discussions about continued investment in business and communities while navigating through uncertainty in the economy.

Success at the Detroit Regional Partnership requires us to understand our role as a business development organization in our regional ecosystem. ere are many great organizations working on all sides of economic and community development.

As we look forward in 2023, we see ample opportunity to have an even greater impact. In May, I’ll chair the 2023 Mackinac Policy Conference, welcoming Michigan’s key leaders and key national gures to discuss critical issues facing our state.

As we prepare to come together at Mackinac to nd creative solutions, Bank of America is prepared to continue these conversations beyond the island. We invite the business community to join us in measuring our progress as we address our priorities in Michigan such as employment, affordable housing and equity, ensuring they bene t Michigan’s businesses and communities equally.