Axos Bank Donates $250,000 for Housing Assistance to San Diego Police Officers

Rhea-AI Summary

Axos Bank has announced a charitable donation of $250,000 to support a partnership with the City of San Diego and the National Asian American Coalition (NAAC). The funds will assist police officers in purchasing homes through the Homebuyer Down-Payment Assistance Program, offering eligible officers up to $50,000 in zero-percent loans. Currently, fewer than 30% of San Diego police officers live within city limits due to high real estate costs. This initiative aims to alleviate financial burdens and promote homeownership among law enforcement families.

Positive

• Donation of $250,000 to support affordable housing for police officers.
• Partnership with NAAC to provide down-payment assistance for home purchases.
• Program allows up to $50,000 in zero-percent loans for eligible officers.

Negative

• Less than 30% of San Diego police officers currently live within city limits, indicating housing affordability challenges.

SAN DIEGO--(BUSINESS WIRE)--Axos Bank today announced that it has made a charitable donation of $250,000 to help police officers purchase homes in the city of San Diego, one of the most expensive real estate markets in the nation.

The $250,000 gift by San Diego-headquartered Axos will support an innovative public-private partnership between the City of San Diego and the National Asian American Coalition (NAAC), the nation’s leading Asian American nonprofit advocating for homeownership affordability. The partnership’s main focus is the Homebuyer Down-Payment Assistance Program, which is managed and administered by NAAC and which allows qualified San Diego police officers to receive up to $50,000 in the form of a five-year, zero-percent loan that they can put toward the cost of buying a home.

“As the proud son of a police officer, I’m keenly aware of the financial pressures facing our law enforcement families,” said Greg Garrabrants, President and CEO of Axos. “In providing this valuable financing, Axos is lightening the burden on San Diego police officers – and giving the men and women who protect our community the chance to establish roots here as well.”

According to the San Diego Police Officers Association (SDPOA), fewer than 30 percent of San Diego Police Department officers live within city limits. High real estate valuations in San Diego mean that many officers must live in other parts of the county – and even as far away as Riverside County, where housing is more affordable. Long commutes, coupled with unconventional work schedules, place significant toll on officers’ quality of life and can serve as deterrents for officers to either join or stay with the Department.

The funds being made available under Axos’ donation will primarily assist police officers who earn less than 80% of the area median income or who purchase property in a low or moderate income (LMI) Census Track.

“NAAC is deeply grateful to Axos for making this investment, which will make it easier for San Diego police officers to own a home in the community they serve,” said Faith Bautista, President and CEO of NAAC.

NAAC’s Homebuyer Down-Payment Assistance Program is open to all San Diego police officers who do not currently own or have previously owned a home in San Diego. Program eligibility details are available at sandiego.gov/sdpolicehomebuyers.

About Axos Financial and Axos Bank

Axos Financial, Inc. (NYSE: AX) is the holding company for Axos Bank, a nationwide, digital-first bank that provides consumer and business banking products through its low-cost distribution channels and affinity partner. With over $13 billion in assets, Axos Bank provides financing for single and multifamily residential properties, small-to-medium size businesses in target sectors, and selected specialty finance receivables. Axos Financial’s wholly owned non-bank subsidiaries provide comprehensive securities clearing services to introducing broker-dealers and registered investment advisor correspondents and digital investment advisory services to retail investors, respectively. Axos Financial, Inc.’s common stock is listed on the NYSE under the symbol “AX” and is a component of the Russell 2000® Index and the S&P SmallCap 600® Index. For more information about Axos Bank, please visit www.axosbank.com.