Community reinvestment
Boldly growing the good
Partnering with our neighbors is meaningful to us. It’s all part of our Purpose to Boldly Grow the Good in business and life. That’s why BMO is constantly seeking opportunities to accelerate positive change in communities that have faced barriers. This work ranges from community-based financial education programs and financing for first-time home buyers to major urban redevelopment projects, which provide housing and jobs. It’s part of how we’re helping build a society with zero barriers to economic inclusion.
Community Reinvestment Act
In the U.S., legislation called the Community Reinvestment Act (CRA) encourages financial institutions to meet the credit needs of all customers, including those who are low and moderate income or who live in low and moderate income neighborhoods. But for us, that’s just one dimension of a broader commitment that extends from community-based financial literacy programs and small business financing to major urban redevelopment projects.
Under the CRA, members of the public can review information about BMO’s CRA activities which are contained in the documents posted on the CRA Public File website. The documents are available for viewing and can be downloaded.
Community development
BMO is a leader in helping developers and organizations by providing financing and investments for projects that strengthen our communities.
Community development lending
BMO is a leader in helping developers and organizations strengthen their local communities by providing financing for projects. We take a consultative approach to help guide in the process of structuring financing for projects in low and moderate income communities such as:
- New Markets Tax Credits
- Low Income Housing Tax Credits
- Tax Increment Financing
- Affordable Housing Program grants through the Federal Home Loan Bank
Our team of local experts, in communities throughout the United States, are dedicated to helping you find the right financing solution.
Contact us to discuss how we can help you access the government lending program that best suits your needs.
Pamela Daniels-Halisi
Managing Director, Community Development, BMO Community Lending Group
Community development investment
As a provider of capital and financial expertise for communities throughout our banking markets, the BMO Community Investments Group supports BMO’s commitment to small business expansion, increased availability of quality, affordable housing and targeted community-based commercial real estate. We do this through large investments such as our $10MM commitment to IFF which creates opportunities for low-income communities across the Midwest.
To learn more about partnering with the BMO Community Investments Group or to present a qualified investment for our consideration, please contact:
Carl A. Jenkins
Managing Director, BMO Community Investments Group
Helping homeowners
BMO partners with various non-profit agencies to offer first time home buyers, on average, $6,000 in down payment assistance. Financial education combined with this assistance sets up future homeowners for success and allows them to save their money for the unexpected.
BMO’s participation in the I-REFI program helps customers “underwater” on their home mortgage by providing up to $50,000 in assistance, per household, to reduce their principal balance. The program has had a significant impact in bringing financial stability to families in need.
Find out more information about all of BMO’s mortgage products here.
BMO EMpower 2.0
BMO is proud to build on its strong history of community support with a more than $40 billion Community Benefits Plan supporting organizations in communities across the United States, with over $16 billion of the plan commitment targeted for the State of California.
Under the banner of BMO EMpower 2.0, this plan will go beyond providing a financial commitment. It includes strategic partnerships and fosters deep community engagement in markets across our expanded footprint in the United States.
Through this combination of financial and community-driven investment, we believe that together with our partners we can create meaningful change at the local level.
More than $40 billion commitment
Our Community Benefits Plan under the banner of BMO EMpower 2.0
$7.5B Home Mortgage Lending
Lending to low-to-moderate income level homebuyers and communities of color.
$2B Minority Commercial Lending
Vital community assets and resources for women and minority-owned businesses.
$16.5B Small Business Lending
Women, Black, Hispanic/Latino and Native American small business lending program.
Creating meaningful change for economic inclusion
We have a responsibility to respond to the demands of our rapidly changing economic and social landscape to drive meaningful financial progress and champion racial equity, and have made a Bold Commitment to support an inclusive society.
After exceeding our original $5 billion goal in just two years, we launched BMO EMpower 2.0 - a more than $40 billion Community Benefits Plan - the next step in our commitment to growing the good in our communities.
