$15 Million Philanthropic Investment Builds on Longstanding Commitment to Strengthen Local Communities
The Bank of America Charitable Foundation announced today that it is inviting nonprofit organizations throughout the United States to submit funding proposals for programs that address the nation’s ongoing housing challenges. The company will invest $15 million to support impactful local and national programs and services addressing housing issues, including foreclosure counseling and mitigation, neighborhood stabilization, and affordable housing. This support builds on the bank’s more than $50 million in grants and program–related investments since 2010 to assist nonprofits providing homeowner retention programs, transitional services and revitalization efforts in low– and moderate–income communities across the country.
“Economic revitalization in many parts of the U.S. will depend in large part on the stabilization and strengthening of the housing sector,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “Helping individuals and families regain financial stability through housing and other community development initiatives is a significant piece of our overall lending, investing and philanthropic giving activities to positively impact the local communities we serve.”
The Foundation’s request for proposals is an important component in the company’s intensifying focus on housing, jobs and hunger: three areas that are critical to helping strengthen local economies and stimulate the national economic recovery. The bank will issue additional requests for proposals relating to jobs and workforce development and hunger later this year.
Philanthropic support is just one way that Bank of America continues to address the foreclosure crisis and help revitalize neighborhoods. Other efforts include the completion of more than one million loan modifications since January 2008, participation in more than 800 mortgage outreach events since January 2009 and the opening of 50 customer assistance centers in markets hardest hit by foreclosures, providing distressed homeowners with face–to–face counseling and assistance.
The bank is also recognized as one of the largest and most proactive leaders in lending and developing affordable housing in the U.S. In 2011, Bank of America invested more than $1.6 billion to help create more than 11,000 affordable housing units for residents with income restrictions, special needs, seniors and veterans. Since 2005, the bank has financed and invested in the creation of more than 100,000 affordable housing units across the U.S.
For more information on nonprofit programs and services that may qualify, or to submit an application for grant funding, please visit www.bankofamerica.com/foundation.
Grant applications will be accepted April 2 through April 30, 2012.
Bank of America Charitable Foundation
At Bank of America, we are committed to enhancing the economic vitality of the communities we serve through our philanthropic giving and employee volunteerism. We have a long–standing commitment to supporting leadership development in the nonprofit sector through our Neighborhood Builders® program, and fostering the next generation of community leaders through our Student Leaders® program. We also provide grants to nonprofits in the U.S. supporting housing, jobs and hunger initiatives through a quarterly application process. Last year, our employees donated 1.5 million hours to help meet critical community needs across our global footprint. Investing in communities fosters the growth that is critical for the individuals and communities we serve and for the sustainability of our business. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/foundation or follow us on Twitter @BankofAmerica.