Bank of America Financing for Bayporte Village Will Make Home Ownership Affordable for 71 Families in West Oakland.Business Editors/Real Estate Writers OAKLAND, Calif.--(BUSINESS WIRE)--Feb. 3, 2000 Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. provided the financing for the construction of 71 new affordable housing units that officially opened today in West Oakland. The $7 million construction loan was part of a record-breaking $312 million worth of affordable housing loans made by Bank of America in California during 1999 - amounting to more than half of the company's nationwide total for the year. Representatives from Bank of America and the nonprofit developers of the Bayporte Village project joined officials from the City of Oakland, HUD Hud (h  d), a pre-Qur'anic prophet of Islam. Hud unsuccessfully exhorted his South Arabian people, the Ad, to worship the One God. and other agencies for a grand opening ceremony this morning. Bayporte Village occupies a long-empty four-block area bounded by 8th, 10th, Market and Filbert streets. It is the largest subdivision to be built in West Oakland in more than 30 years. &uot;Bank of America has been instrumental in the revitalization of this neighborhood, which was once given up as lost,&uot; said Jim Mather Jim Mather (b. March 6, 1947, Lochwinnoch) is a Scottish National Party politician, the Minister for Enterprise, Energy and Tourism and Member of the Scottish Parliament for Argyll and Bute . , the community development lending specialist who put together the bank's financing package. &uot;We also closed two loans in December, which are being used to preserve 200 additional affordable housing units near Bayporte Village, which were at risk of converting to market-rate.&uot; Prices for the detached three- and four-bedroom Bayporte Village homes will range from $140,000 to $165,000, in a county where the average home price is close to $300,000. The units will be offered to first-time homebuyers First-Time Homebuyer An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59.5) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a . Bank of America will provide financing for some of the mortgages with its Neighborhood Advantage products, designed to meet the needs of borrowers who might have difficulty qualifying for conventional credit or meeting downpayment and closing costs Closing Costs The numerous expenses (over and above the price of the property) that buyers and sellers normally incur to complete a real estate transaction. Costs incurred include loan origination fee, discount points, appraisal fee, title search, title insurance, survey, taxes, . Last October, Bank of America announced a commitment to provide $1 billion in mortgages to first-time homebuyers in Oakland over the next five years, as part of the Oakland Homeownership Assistance Alliance. The Alliance is a partnership among the bank, the City of Oakland, the Federal Home Loan Mortgage Corporation Federal Home Loan Mortgage Corporation, commonly known as Freddie Mac, privately owned, government-sponsored organization that uses private capital to buy home mortgages as a means to help lower housing costs. (Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. ) and local nonprofit groups. Its efforts are focused on low-income communities throughout Oakland. |
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