American Banker: Bank Of America Aims Mortgages, CRE Loans At Women and minorities

American Banker, September 2, 2022, Bank Of America Aims Mortgages, CRE Loans At Women And Minorities

Two new Bank of America lending programs seek to promote homeownership among minority borrowers as well as incentivize economic development in disadvantaged communities.

One is a pilot program that would offer mortgages to Black and Hispanic Americans using rent, utility and auto-insurance payment histories instead of traditional credit scores, BofA said in a news release Tuesday. The other is a down-payment relief program for women- and minority-owned small businesses that buy commercial real estate in federal opportunity zones.

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Redlining and Neighborhood Health

Before the pandemic devastated minority communities, banks and government officials starved them of capital.

Lower-income and minority neighborhoods that were intentionally cut off from lending and investment decades ago today suffer not only from reduced wealth and greater poverty, but from lower life expectancy and higher prevalence of chronic diseases that are risk factors for poor outcomes from COVID-19, a new study shows.

The new study, from the National Community Reinvestment Coalition (NCRC) with researchers from the University of Wisconsin–Milwaukee Joseph J. Zilber School of Public Health and the University of Richmond’s Digital Scholarship Lab, compared 1930’s maps of government-sanctioned lending discrimination zones with current census and public health data.

Table of Content

  • Executive Summary
  • Introduction
  • Redlining, the HOLC Maps and Segregation
  • Segregation, Public Health and COVID-19
  • Methods
  • Results
  • Discussion
  • Conclusion and Policy Recommendations
  • Citations
  • Appendix

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