Bank of America awards Proud Ground the 2017 Innovator Award

Bank of America is proud to celebrate and shine a light on innovation that moves the affordable-housing industry forward.

Jan Laskey
SVP of Community Development Lending, Bank of America

In 2016, Bank of America underwrote a Proud Ground report finding that while homeownership produces multiple benefits, including financial stability, improved school performance for kids and better job performance for adults, it is becoming difficult for low- and moderate-income families to purchase a home in the Portland area.

Affordable housing continues to be a concern, as home prices increase while household incomes and grant funding for affordable homeownership remain virtually the same. Proud Ground’s real estate services for the community create an impactful and sustainable solution to fill the funding gap between what first-time homebuyers can afford with grant support and the escalating cost of homes on today’s market. Through its real estate services for the community, the brokerage fees earned from market-rate real estate transactions go back to Proud Ground to provide flexible funding for low- and moderate-income families’ home purchases.

 

With the support of Bank of America, Housing Oregon’s Fall Industry Support Conference recognized Proud Ground for this work with the 2017 Innovator Award for its innovative approach to changing the affordable-housing landscape in Oregon.

“Bank of America is proud to celebrate and shine a light on innovation that moves the affordable-housing industry forward,” said Jan Laskey, SVP of community development lending, Bank of America. “Home stability is a key to financial stability, and Proud Ground’s innovative realty company provides another great vehicle to expand housing options.”

Proud Ground has created permanently affordable homeownership for 350 first- time homebuyers. This new funding stream will help more working families afford their dream of homeownership.

Proud Ground was named a 2010 Bank of America Neighborhood Builder and has been a strategic partner since 2003.

5/17/2018


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