Global financial services company BNY launched a new homeowner program for U.S.-based employees to help address affordability issues.
The program combines education, access to mortgage benefits and BNY-funded down payment assistance. Officials with BNY said the program is for eligible U.S.-based BNY employees with qualifying compensation of $100,000 or less annually.
“Homeownership is a pathway to financial security and economic prosperity, and we’re committed to helping our people reach it,” Robin Vince, CEO of BNY, said. “By offering benefits that strengthen financial wellness and family stability, we are investing in our employees and the communities we serve — helping build a more resilient economy.”
Eligible employees may qualify for $6,500 in down payment assistance to be used toward the purchase of their first home. All U.S.-based BNY employees will have access to digital education and live seminars that cover budgeting, credit readiness, mortgage options, closing costs and long-term homeownership planning. Other mortgage benefits, like access to mortgage origination and other special benefits, will also be available.
BNY also provides its employees with a child savings program, affordable healthcare, 401(k) contributions and flexibility. BNY matches qualifying student loan payments into employees 401(k) accounts and offers options for bonus deferrals into a 401(k).
The new program is in line with other BNY projects to help with housing affordability. In total, BNY has spent nearly $3 billion in loans, investments and mortgage-backed security purchases that support affordable housing development in the United States since 2023.