By extending credit to individuals, local businesses and community organizations, we help fuel neighborhood revitalization while focusing on a fair return for our shareholders. And through philanthropic investments, we further our impact by helping to address issues vital to every community's success, including affordable housing and workforce development.
In 2012, we continued to make progress toward our long-term lending, investing and philanthropic giving goals established in 2009. We provided $105.5 billion toward our 10-year, $1.5 trillion community development lending and investing goal and more than $200 million toward our 10-year, $2 billion giving goal.
Maintaining our commitment to help low- and moderate-income individuals (who earn less than 80 percent of area median income) and communities, we work to make our resources available to those who need them most. We extended capital to individuals and small businesses with a focus on stimulating local economic development. We also worked closely with nonprofit organizations and community leaders to more effectively address pressing community challenges.
toward U.S. Community Development
Lending & Investing goal, 2009–2012.
As one of the most active affordable housing lenders in the United States, we are committed to addressing housing needs for individuals and families in the communities we serve, including low- and moderate-income areas. Through lending, tax credit equity investments and real estate development solutions, in 2012, we provided more than $2.6 billion for community development — commitments that will help create nearly 11,000 affordable housing units, while helping to revitalize communities and create stronger economies.
Bank of America is a leader in responsible lending and sustainable homeownership, and its commitment is felt every day through its efforts to educate consumers and real estate professionals, as well as its ability to provide supportive, affordable homeownership programs.
Founder of National Association of Hispanic Real Estate Professionals
To address the need for affordable long-term housing options for families in the Seattle area, Catholic Community Services of Western Washington developed Monica's Village place with funding from Bank of America. The completed project now houses more than 150 individuals, including children.
In addition to this community development investment, in 2012 we provided funding to support services that offer residents of Monica's Village Place practical tools to take permanent steps out of homelessness and poverty.
Providing homeless families affordable housing in Seattle
Teach for India
In 2012, through our philanthropic programs, we gave more than $44 million to help strengthen the social and economic health of communities by supporting education and workforce development initiatives.
Through our work with Teach for India, an affiliate of Teach for America, we are helping to improve the Indian education system, which faces challenging problems due to population growth and urbanization. Our partnership supports teacher training, recruitment and day-to-day operations of schools and facilities in areas including Pune and Mumbai. In 2012, we provided a grant grant to fund 22 fellows hips in seven schools serving 880 students. Over the past two years, the program has helped to improve students' literacy and math skills, equipping them with the tools needed to achieve long-term success.