One of the largest grants designed to help more Angelenos become homeowners
LOS ANGELES, Sept. 5, 2024 /PRNewswire/ -- City National Bank today announced it has increased its Ladder Up Home Loan Grant to as much as $50,000 in majority Black or Hispanic census tracts within the Los Angeles-Long Beach-Glendale, Calif., Metropolitan Statistical Area. The newly enhanced resource is designed to increase access to credit for individuals and families looking to purchase a home in eligible areas.
The Ladder Up Home Loan Grant is part of a special purpose credit program (SPCP) that City National developed to help empower communities and bridge the housing affordability gap.
Through the SPCP, City National provides borrowers with grant assistance, a mortgage program, credit education and excellent service to help them navigate the homebuying process. Qualifying homebuyers may use the grant toward a down payment, closing costs or buying down the interest rate on their mortgage. In addition, with the Ladder Up Home Loan grant, mortgage insurance is not currently required regardless of the down payment amount.
"Homeownership strengthens our communities and can help individuals and families ascend the ladder of financial success and generational wealth building," said David Cameron, head of Consumer Banking, City National Bank. "We are proud to offer one of the largest grants available to help more people in our community become homeowners."
In addition to the significant grant increase in certain areas of Los Angeles, City National also offers home loan grants of up to $20,000 in other qualifying geographies in Southern California, New Jersey and New York.
About City National
City National Bank, a subsidiary of Royal Bank of Canada, is the largest bank headquartered in Los Angeles with $92 billion in assets as of July 31, 2024. Founded in 1954, City National provides personalized banking, investment and trust services in select markets including Los Angeles, Orange County, San Diego, the San Francisco Bay Area, New York City, Nashville, Atlanta, Delaware, Las Vegas, Washington D.C. and Miami.* In addition, the company and its investment affiliates manage or administer $101 billion in client investment assets. City National is dedicated to strengthening communities, and in 2023 alone, the company made more than $11 million in charitable contributions to nonprofits that support the communities it serves.
For more information about City National, visit the company's website at cnb.com.
*City National Bank does business in Miami and the state of Florida as CN Bank.
SOURCE City National Corp.