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Committed to Affordable Housing

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Committed to Affordable Housing Committed to Affordable Housing The largest U.S. banks are playing a leading role in promoting affordable housing throughout the country Bank of America in 2020 provided $5.9 Citi in 2020 issued the first affordable Goldman Sachs promotes affordable billion to build sustainable communities, housing bond with a notional value housing through its Urban creating more than 13,000 affordable of $2.5 billion. Proceeds will finance Investment Group, a domestic, housing units, including 1,650 units the construction, rehabilitation and multi-asset class investing and developed by minority and women- preservation of quality affordable lending business deploying over $1 owned businesses. This year, the bank housing for low- and moderate- billion annually in community and tripled its affordable homeownership income populations in the U.S. Citi economic development through initiative to $15 billion through 2025, is also investing more than $200 real estate and other projects. In giving homebuyers as much as $10,000 million, out of a $550 million three- Utah, the bank’s work has led to the for down payments and as much as year commitment to affordable development of 4,700 affordable $7,500 for closing costs. In May the bank housing, in five equity funds co- housing units, while in Newark and NACA expanded their program managed by Black investment and neighboring East Orange, N.J., to provide $15 billion in mortgages to managers to preserve multi-family investments by Goldman Sachs have low-to-moderate income homebuyers rental housing. led to over 2,000 units of mixed- through May 2027. income housing. 158,000+ The nation’s largest banks created or preserved more than 158,000 affordable housing units in 2020 JPMorgan Chase in 2020 announced Morgan Stanley last year issued its State Street in 2020 invested over a five-year commitment to finance inaugural social bond for $1 billion to $240 million in affordable housing 100,000 affordable housing units in support affordable housing projects, communities throughout the U.S., underserved communities, originate the latest step in the bank’s work to through the Low-Income Housing 40,000 home loans for Black and advance market-based solutions to Tax Credit (LIHTC) program. This Latinx households, and help 20,000 address sustainability challenges. investment resulted in the creation Black and Latinx households lower Morgan Stanley intends to allocate or preservation of approximately their mortgage payments through an amount equal to the net proceeds 9,500 affordable units in 25 states. refinancing. The bank also expanded of the social bond to affordable Since 2010, State Street has invested its Homebuyer grant program to housing projects, which aim to over $1.7 billion in affordable housing, up to $5,500 to help cover closing provide housing at affordable rates to reaching nearly 100,000 households, costs and down payments in 6,700 low- or moderate-income individuals including $85 million in the first few minority neighborhoods nationwide. and/or families in the United States. months of 2021. Wells Fargo works with NeighborWorks® America to provide down payment assistance and homebuyer education for low- and moderate- income families. Last year, the bank facilitated over $1.2 billion in bond offerings that provided critical funding to preserve and develop more than 10,400 homes intended for underserved communities. The bank also has made a $1 billion philanthropic commitment to address housing affordability solutions by 2025. fsforum.com The Financial Services Forum is an economic policy and advocacy organization whose members are the chief executive officers of the eight largest and most diversified financial institutions headquartered in the United States..
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