Bank of America, Liberty Bank and other companies are creating accounts that offer low interest rates and free money for residents of low-income families.
The bank and other banks are creating a new account for people who qualify for the federal Community Development Block Grant program, or CDBG, for low- and moderate-income housing.
The CDBG program, administered by the Department of Housing and Urban Development, allows low- to moderate- income families to apply for $500 per month in loans from the Federal Housing Administration to purchase a house.
The loans can be used for such things as a down payment on a home, a downpayment on a car, or even to purchase basic necessities like diapers.
The money is available for the first two years of the CDBG’s term.
For more information, go to www.gov.gov/housing/CDBG/accounts.html.
The federal government created the program in 2007 to help low- income homeowners pay for renovations to their homes.
The first people eligible for the program were the first people who applied.
More: Bank of the United States, Liberty Banks, Bank of Florida, First Citizens Bank, First Bank, Citibank, First State Bank, Bank OneSource: Medical News Now