Bank of America triples housing plan

Bank of America Corp. pledged to add $10 billion to an affordable-homeownership program through 2025, tripling its initial commitment.

The plan is aimed at low- and moderate-income communities, and may enable 60,000 individuals and families to purchase homes, the bank said in a statement Wednesday. The program includes as much as $10,000 of assistance for down payments, as well as grants of as much as $7,500 for closing costs such as title insurance and recording fees.

The latest pledge expands on an initial $5 billion commitment from 2019, which facilitated 21,000 home purchases and $180 million in grants for down payments and closing costs.

The lender last year made a separate, four-year commitment of $1 billion to address economic and racial inequality, including investments in minority-focused banks.