It will invest in efforts to increase the presence of Latino homeowners in Charleston, S.C.
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Bank of America and the National Fair Housing Alliance (NFHA) have reached an agreement to increase Latino homeownership in Charleston, S.C., according to a news release from the NFHA.
Under the agreement, the bank will invest in efforts to increase the presence of Latino homeowners in Charleston, including $50,000 donations to two Charleston organizations – non-profits Metanoia and Origin SC.
The bank will also give $100,000 for downpayment and closing assistance for Latino homebuyers in the area and $336,380 to NFHA in support of the alliance’s equal housing advocacy.
The agreement comes after a discrimination complaint was filed against the bank by the NFHA alongside the HUD in 2014. According to Reuters, concerns of discrimination were raised after the alliance made “tests” in Charleston between February 2013 and January 2014 to determine how female Hispanics were treated by bank employees compared with female non-Hispanic potential borrowers.
The testing found that Hispanic borrowers were given less desirable lending conditions versus non-Hispanic borrowers. The bank was also less efficient in partnering Hispanic borrowers with loan officers, according to the complaint.
Bank of America refuted the complaint: “Bank of America rejects all of the allegations in the complaint and voluntarily entered into an agreement with NFHA to resolve the matter.”
Related stories:
NY non-profit accused of housing discrimination
Bank of America facing charges of borrower discrimination
Under the agreement, the bank will invest in efforts to increase the presence of Latino homeowners in Charleston, including $50,000 donations to two Charleston organizations – non-profits Metanoia and Origin SC.
The bank will also give $100,000 for downpayment and closing assistance for Latino homebuyers in the area and $336,380 to NFHA in support of the alliance’s equal housing advocacy.
The agreement comes after a discrimination complaint was filed against the bank by the NFHA alongside the HUD in 2014. According to Reuters, concerns of discrimination were raised after the alliance made “tests” in Charleston between February 2013 and January 2014 to determine how female Hispanics were treated by bank employees compared with female non-Hispanic potential borrowers.
The testing found that Hispanic borrowers were given less desirable lending conditions versus non-Hispanic borrowers. The bank was also less efficient in partnering Hispanic borrowers with loan officers, according to the complaint.
Bank of America refuted the complaint: “Bank of America rejects all of the allegations in the complaint and voluntarily entered into an agreement with NFHA to resolve the matter.”
Related stories:
NY non-profit accused of housing discrimination
Bank of America facing charges of borrower discrimination
