STRONG ECONOMIES

Supporting Communities

Creating more than 6,500 affordable housing units through Community Development Banking.

Helping build strong communities

Strengthening the communities we serve is fundamental to the future of our business. As we grow globally, our roots remain in local communities. Our work with communities spans the spectrum from consumer and commercial lending to investing and promoting economic development, philanthropy, helping nonprofits and addressing critical needs.

Our focus areas

Community development

In order for communities to thrive, they need a stable housing base. To help achieve this, we are helping customers in need of housing assistance. We do this through our outreach efforts, business activities, philanthropic giving and nonprofit partnerships, including home retention, homeownership and affordable housing options. In fact, since 2009 we’ve participated in more than 800 outreach events, meeting over 125,000 customers and have opened 50 Customer Assistance Centers in 25 states for customers to meet face-to-face with our representatives.

The Bank of America Charitable Foundation recently awarded $22 million in grants to more than 650 nonprofits addressing housing needs across 34 states. Funding will help build and rehabilitate affordable housing, offer foreclosure prevention services and homeowner counseling, and provide other services intended to revitalize neighborhoods and help working families find and keep suitable homes. In addition, we partner with nearly 600 HUD-approved nonprofit organizations to educate and counsel homebuyers, helping them understand the benefits and responsibilities of home ownership. We also focus on the revitalization of low- and moderate-income communities through our philanthropic efforts and creation and preservation of affordable housing, vibrant retail and commercial options across the U.S. As part of this commitment, through our Community Development Banking business we provided more than $1.6 billion to help create more than 12,000 affordable housing units for individuals with special needs, families, seniors and veterans in 2011.

See it in Action

Bank of America ranked 15th on the Civic 50 List For Community Engagement

The National Conference on Citizenship and Points of Light, the nation’s definitive experts on civic engagement, in partnership with Bloomberg LP, recently announced that Bank of America has been named to The Civic 50 list, placing at #15. The list is the first comprehensive ranking of S&P 500 companies that best use their time, talent and resources to improve the quality of life in the communities where they do business. More More

Wounded Warrior Project logo

Sponsoring Wounded Warrior Project™

The mission of Wounded Warrior Project is to honor and empower wounded service members and veterans. Our support of WWP provides economic empowerment programs free of charge to help wounded service members manage their work and financial lives. These include job training, financial education and coaching to help them successfully re-enter the workforce... More More

Bank of America announces more than $22 million in grants to housing nonprofits

The Bank of America Charitable Foundation today announced that it is awarding $22 million in grants to nonprofits that build and rehab affordable housing, offer foreclosure prevention services and homeowner counseling, and provide other services intended to revitalize neighborhoods and help working families find and keep suitable homes. More More

Outreach events

We continue to look for opportunities to reach out to customers experiencing financial difficulty and help with mortgage modifications. Our outreach efforts include events, mobile tours and the opening of 50 Customer Assistance Centers. More More

Affordable Housing Group of N.C.

Elderly neighbors in the Cherry neighborhood of Charlotte, North Carolina, realized they were getting priced out of the neighborhood they lived in their entire lives. That’s when the Affordable Housing Group of N.C. partnered with Bank of America. Together we created safe, affordable housing units that are the first-ever LEED-certified housing for senior residents in the Cherry area. It also helped preserve a community and enrich a way of life for many. More More

Private Sector Partner of the Year

Many communities are working to help the homeless by providing more supportive housing, which include on-site services that provide these vulnerable tenants with access to safe, healthy housing options. In October 2011, Bank of America was honored by the Supportive Housing Network of New York as its Private Sector Partner of the Year. Overall, we have provided $67 million in investments in the New York City area for supportive housing projects in the last few years. In the fourth quarter of 2011 alone, we continued investing in supportive housing nationwide, providing $103 million in debt and equity to help create 368 housing units in California, New York and Washington State.

Oakwood Shores Senior Apartments in Chicago

Through our financing, we helped create 3,000 affordable rental and for-sale housing units and much needed services for elderly residents in the community, as well as parks, schools and retail facilities.

Economic development

We are committed to sustained economic growth and neighborhood revitalization programs focused on job creation, small businesses, lending and investing to enhance infrastructures in low- and moderate-income communities. Our focus continues to be on supporting institutions that improve the quality of life in our communities through arts and culture, education and- healthcare. These institutions act as economic catalysts by sparking employment, tourism and other impactful areas.

See it in Action

Partnering with CDFIs

Our partnerships with Community Development Financial Institutions (CDFIs) provide capital, liquidity and technical assistance to expand access to resources in traditionally underserved communities. We currently invest more than $1 billion in more than 120 CDFIs in 37 states and 8 countries, financing affordable housing, community facilities, nonprofits, small businesses and micro-enterprises. More More

The Hudson Companies

We're proud to help "green," affordable housing grow in Brooklyn, New York. Thanks to some dedicated builders and eager residents, we helped Hudson Companies redefine environmental and economic sustainability in New York by supporting the Dumont Green affordable housing unit. Today, Dumont Green stands as a true testament to the vision and determination of a neighborhood and business community coming together to help those less fortunate. More More

The Bank of America Chicago Marathon boosts the local economy

The 36th Bank of America Chicago Marathon took place on October 13, bringing together 45,000 runners, 12,000 volunteers and 1.7 million spectators for an extraordinary race. Participants, including elite runners and wheelchair athletes, converged on Chicago from all 50 states and more than 100 countries. More More

Bank of America 500

When the nation’s top race-car drivers step on the gas each October during the Bank of America 500 at Charlotte Motor Speedway, they do more than thunder down the straightaway. They also power an industry—broadly supported by Bank of America—that helps drive the regional economy. According to Speedway Motorsports Inc., which owns and operates Charlotte Motor Speedway, the Bank of America 500 contributes—directly or indirectly—an estimated $115 million to the region’s economy, which benefits from race-fan spending on hotels, restaurants, merchandise and other entertainment.

Workforce development and education

Connecting individuals to employment opportunities is a key component contributing to each community’s economic growth. That's why Bank of America supports workforce development and educational opportunities. These efforts help small businesses and individuals get training and education that lead to post-secondary completion, employment and stronger economies. It’s part of our lending and investing activities to help improve communities, making them better places in which to live and do business.

As part of our commitment, from January 22, 2013 through February 15, 2013, the Bank of America Charitable Foundation will accept grant applications from nonprofits working on workforce development and education. This request for proposal is part of our U.S. philanthropic focus on three areas vital to local economies:  community development (housing), workforce development/education (jobs) and critical needs (hunger). Additional RFPs on these areas will be held in 2013. For more information on the request for proposals, eligibility criteria or to submit an application, please visit our grants and sponsorships page

Bridging the achievement gap

We support programs that help middle school and high school students successfully transition to higher education. We do this to help students of all ages access and complete post-secondary education and obtain livable-wage jobs.

During the past two years, we invested more than $20 million in academic achievement, dropout prevention and mentoring programs such as National College Advising Corps, Citizen Schools, Teach for America, Big Brothers/Big Sisters- and Boys and Girls Clubs of America. We also support educational programs that help first-generation Americans and minorities' attain their educational goals, including robust partnerships with United Negro College Fund and the Hispanic Scholarship Fund.

See it in Action
Boys and Girls Clubs of New Jersey

Boys and Girls Clubs of New Jersey — career launch

We're supporting Career Launch, a comprehensive program that focuses on helping young adults ages 16 to 18 understand the connection between educational and career success, explore career possibilities, develop career pathways, gain work experience and prepare for college or trade school after high school. Students participate in career exploration, planning, work readiness skills, internships, tutoring and counseling. Through Bank of America's support, more than 400 young people will be connected to employment opportunities.

Student with binder

Developing Job Skills For A Brighter Future

Training workers for 21st century jobs

We’re supporting initiatives that move people toward economic self-sufficiency by providing opportunities to improve the educational and developmental outcomes for each individual. Our education efforts are increasingly focused on assisting people of all ages to access and complete their post-secondary degrees and/or credentials.

We understand that there is a great need for programs that help combat the dropout rate and help young people—particularly those at-risk—gain knowledge and skills for stable employment and fulfilling lives. We continue to be focused on helping underserved young adults become self-sufficient through workforce development opportunities, mentoring, post-secondary credentialing and training. Whether it’s a university, community college or trade skills development program, our objective is to connect individuals to livable-wage jobs. By leveraging our philanthropy and business practices, we are helping to empower low- and moderate-income individuals and families to gain stability and long-term success.

See it in Action

Bank of America helps develop future Latino leaders

WASHINGTON, D.C. – The Congressional Hispanic Caucus Institute announced today that five of the nation’s leading companies have made very significant gifts in order to further its mission of educating and training the next generation of Latino leaders. More More.

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Youth employment: more than a paycheck

Amid high national unemployment rates, teen unemployment remains the highest of any group. As part of our broader focus of connecting individuals to meaningful employment, Bank of America is helping youth stay in school, graduate and connect to post-secondary education. More More.

Our $50-million, three-year pledge

The Bank of America Charitable Foundation has pledged to invest $50 million over the next three years in education initiatives that will lead to economic self-sufficiency through employment. These funds will support programs that bridge the achievement gap and lead to post-secondary education completion. The funding will also connect the underserved and unemployed, as well as returning veterans and individuals with disabilities to workforce opportunities in high-growth sectors. More More

Community college partnerships

Education is the key to combatting unemployment and underemployment. That's why we're partnering with a range of national and local nonprofits to address college access and college completion with a focus on community colleges. In particular, we align our education partnerships to our core business strategy through innovative approaches that connect students with financial supports and education by leveraging the expertise of our employee volunteers.

We work with national partners such as Year Up, YouthBuild and the National Wildlife Federation in partnership with Jobs for the Future to support educational advancement and connect workers to high-growth employment opportunities such as green jobs.

See it in Action

Over $22 million in grants to support workforce development and education

Central Piedmont Community College (CPCC) in Charlotte, with the support of Bank of America, is helping hundreds of veterans make the transition from the military to civilian jobs. CPCC is an innovator in workforce development training; their program provides training, academic counseling and support services, all geared to help members of the military translate their skills into jobs in areas of economic growth. CPCC is just one of over 1,000 nonprofits in 34 states that have benefited from over $22 million in 2012 philanthropic funding from the Bank of America Charitable Foundation.

Achieving the dream

Community colleges play a major role in the U.S. educational system, but only 54 % of students at community colleges complete their degree. Often life issues such as financial management disrupt the educational process. This underscores the need for programs that provide pathways for knowledge and skills to put individuals on the road to stable employment. So we've partnered with Achieving the Dream to help support community colleges in designing programs that teach students financial management skills — a critical step in helping students stay in college and achieve financial stability.

Year up

Year up

We are committed to creating the workforce of tomorrow by expanding workforce training and development. Our partnership with Year Up provides young adults ages 18 to 24 with a combination of technical and professional skills, college credits, educational stipends and corporate internships. More More

Connecting people to employment opportunities

We are helping individuals who are underemployed and unemployed obtain the experience and skills they need to gain economic self-sufficiency with a livable-wage career. Our support includes partnering with organizations that provide job training and placement programs such as GED prep, adult literacy, case management and on-the-job vocational skills building.

Our focus is on programs that help marginalized, low-income individuals, including veterans, at-risk youth, disabled adults and refugees. We also support internships, apprenticeships, mentoring and coaching to help individuals transfer their existing skills and experience to meaningful and sustainable careers.

See it in Action

Empowering students to make their dreams a reality

Learn more about how we enabled KIPP DC to grow from an Anacostia church basement to a school campus; in its 10th year, KIPP has empowered 1,500 kids to achieve the dream of college. More More

Critical needs

We know that individuals and families are facing significant challenges that threaten their economic stability. To respond to these critical needs, we've increased our support for hunger relief and deployed an integrated approach to human services. We hope to increase our impact by leveraging volunteerism and partnerships that support financial education and empowerment. Our investments include a wide variety of programs, such as a robust partnership with the United Way.

Hunger

With 49 million Americans struggling to find their next meal, hunger remains a pressing issue in the country. That's why we've deepened our commitment to fighting hunger. In addition to national and local philanthropic investments, our employees volunteer with local food banks and help pack and sort food. Through our partnership with Feeding America, the nation's largest hunger relief organization, we're working to illuminate the face of hunger in our communities. We've also partnered with Save the Children and the World Food Programme to support hunger relief and nutrition efforts globally.

See it in Action
Child sitting at table eating

Fighting hunger through nearly $30 million in philanthropy

Bank of America’s focus on hunger dates back to 2009, when the economic downturn increased the number of people whose critical needs were not being met. Since then, the company has contributed nearly $30 million to a range of nonprofits to address these issues. More More

Disaster relief

When disaster impacts communities, Bank of America responds. Through our charitable foundation, different lines of business- and employee engagement programs, we provide help with immediate relief and, for severe disasters, long-term recovery and reconstruction efforts. Since 2009, we've provided nearly $5 million to support global disaster—relief efforts, helping communities rebuild and move forward.

See it in Action

Helping Oklahoma recover

In response to the recent tornado that caused massive devastation in Oklahoma, the Bank of America Charitable Foundation is donating $500,000 to support relief efforts, including $150,000 to the American Red Cross and $100,000 to United Way of Central Oklahoma to assist with immediate needs and $250,000 to assist local and national organizations supporting longer term rebuilding. More More

Japan earthquake and tsunami

In 2011, when a devastating earthquake and tsunami hit Japan, we provided a 100-million-yen ($1.2 million) charitable grant to support long-term relief efforts in partnership with Give2Asia. In addition to this philanthropic support, we activated our Banking Centers to enable customers to support disaster relief efforts. Customer donations totaled more than $600,000 for the American Red Cross Japan Earthquake Relief and Recovery Fund. Our employees also responded generously, and through the company’s matching gift program, an additional $1.2 million helped support key recovery and relief efforts on the ground.

Partnership with the American Red Cross

Partnership with the American Red Cross

We have a long-standing partnership with the American Red Cross to help provide immediate response and relief to disasters ranging from tornadoes, flooding and wildfires across the U.S. to natural disasters in Haiti, Chile, China and Russia. Since 2008, we've invested $2.5 million to give meaningful support for those in need. Our goal is to work with the American Red Cross to ensure that partners on the ground have the necessary supplies and resources to help those in need.

Transitioning from support to security

To assist individuals and families in need, we partner with a range of nonprofit organizations helping to deliver immediate services, as well as financial empowerment programs that help individuals achieve long-term economic success. From a food bank offering financial education to free tax assistance to obtain the Earned Income Tax Credit (a federal government benefit), our community programs help individuals secure a path to financial stability, making them critical components to success.

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Supporting Businesses

Supporting Businesses 

To help fuel the economy, we work hard to help businesses create or retain jobs through traditional and low-cost lending programs.