Access to affordable housing is a top issue in Denver. According to a 2015 analysis from apartment housing research company Axiometric. Denver has seen the sixth highest rent growth in the nation and according to the Denver Business Journal the average rent has increased by nearly 9.7 percent in the past year.
In line with Bank of America’s promise to help create sustainable home ownership, 16 nonprofits in Denver recently received $750,000 in grants.
Urban Land Conservancy is one of the nonprofits receiving a grant. The money will go towards the creation and preservation of transit-oriented affordable housing developments in metro Denver.
Aaron Miripol, president and CEO of Urban Land Conservancy, called the project a “catalyst for significant community improvement.”
In addition to its work with nonprofit partners, Bank of America has helped 2 million homeowners nationally move forward with their lives by avoiding foreclosures and staying in their homes. Since 2008, Bank of America has provided home loan modifications for more than 1.3 million customers, including 21,416 in Colorado.
In addition, through initiatives like the Neighborhood Lending program, families have access to supporting programs to help them achieve their dream of home ownership.
“If people can’t find a stable, affordable place to live and don’t know where their next meal or warm bed is coming from, they can’t begin to think about their overall financial security and future,” said Jodi Rolland, Colorado State & Denver Market President, Bank of America.