Community Initiative Program - BOA?

Question

Anyone know what this program is all about? I've been working on getting a contract on a vacant parcel to build a spec on and randomly the bank ( BOA ) decided to pull the property and put it into their community initiative program.

As best I can tell they give grants to non profits in the form of property and cash but i'm not really clear.

Anyone heard of this before?

As best I can tell they give grants to non profits in the form of property and cash but i'm not really clear.

Anyone heard of this before?

Steve K · Answer

Thanks for the info Bill Gulley.  This is a first for me.

Jim Davis Hard to place a good value on it, but i'd say in the $70k range.  The list price was $65k and the end value of what I was looking to build there was between $260k - $290k.  While the area is somewhat mixed i'd hardly call it a low income area.  The houses next door and across the street are certainly $500k and up since they are lakefront on a desirable lake.

Surely this property is going to price out?  More importantly - how do I beat others to the punch if / when that happens?

Jim Davis · Answer

There are exceptions to BoA's community initiative program when the property "prices out" of the category that qualifies the property.  How much is the property worth and what is the listing price?

Bill Gulley · Answer

Yes, set aside for low-mod housing, first time buyers meeting bond money standards usually. They can contribute under the Community Reinvestment Act. If you agree to build such housing I don't think you must be a non-profit but it helps, they usually know what they will be doing with it and where it goes.....political issues. Good luck