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Bank of America plans to triple the investment in its affordable homeownership initiative in 50 of its market areas, including Greater Boston.

Bank of America had introduced its affordable homeownership initiative, the Community Homeownership Commitment, in 2019. The bank announced yesterday that it plans to increase funding for the program from $5 billion to $15 billion to help 60,000 people buy homes through 2025.

The initiative has helped more than 21,000 individuals and families purchase a home with an affordable loan, the bank said in a statement. The program has also provided $180 million in grants for down payments and closing costs.

Recent research from Bank of America’s 2020 Homebuyer Insights study found that while many prospective homebuyers can afford monthly mortgage payments, the upfront costs may make homeownership seem out of reach. Most prospective homebuyers, 71 percent, said they need assistance with their down payment, and 20 percent said they needed guidance understanding where to start.

“By expanding the affordable homeownership initiative, Bank of America will be able to provide many thousands more families the resources they need to achieve the dream of homeownership,” Bank of America said.