Neighborhood Reinvestment Corp. said Thursday that two banks have invested $9 million in community development programs.

Northern Trust Co.'s $5 million pledge will fund mortgage loans to low- income residents in Chicago. The bank will divert part of the interest borrowers pay to fund a new Neighborhood Housing Services of Chicago office.

Bank of America invested $4 million in a Phoenix program that makes home purchases more affordable. Families earning less than 80% of the median income may apply for the program, which subsidizes private mortgage insurance and funds down payments.

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