Bank of America is committing $2.5 million toward home repairs and neighborhood development in Detroit.

The Charlotte, N.C.-based bank plans to announce its contribution Thursday afternoon at Detroit Sip cafe in the city's Livernois-McNichols area.

Of that sum, $1.5 million goes toward the city of Detroit's 0% Interest Home Repair Loan Program. Launched in 2015 and operated in partnership with Local Initiatives Support Corp., it offers 10-year, interest-free loans from $5,000 to $25,000 for Detroit residents looking to fix up their houses and increase their property values. The bank has invested $4 million in the program since 2015.

The other $1 million comes as a grant for community development financial institution Invest Detroit's operational costs as it works to expand the Detroit Mayor Mike Duggan administration's Strategic Neighborhood Fund, which it manages. Invest Detroit is a nonprofit lender and investor that focuses on inclusive residential and commercial development.

The Strategic Neighborhood Fund and associated Affordable Housing Leverage Fund received $35 million in corporate donation commitments last year for commercial corridor, streetscape and housing improvements in targeted neighborhoods outside downtown. JPMorgan Chase also said early this year it would give $5 million to the SNF and another $10 million for low-cost loans, 70 percent of which must be used within the 10-area SNF footprint outside downtown.

The bank's $2.5 million comes in addition to $3 million in cumulative philanthropic giving in the Detroit area in 2019, Bank of America spokeswoman Diane Wagner said, including to the Detroit Employment Solutions Corp., Grow Detroit's Young Talent through Connect Detroit, Jefferson East Inc. and Detroit PAL.