Bank of America’s community revitalization programs help rebuild communities and provide opportunities for homeownership
Bank of America is building on its established framework of community revitalization initiatives to support its long-standing focus on creating and preserving strong, vibrant neighborhoods. In 2012, the company expanded its property donation program, and to-date, the bank has donated more than 3,000 properties to more than 300 non-profit organizations, landbanks and municipalities in 47 states. In addition to donations, the Bank provided $22 million in grants to housing nonprofits, and established formal partnerships with several communities to develop strategies that will help provide housing solutions for families in need. Working closely with cities and nonprofit organizations, these programs are designed to help communities impacted by foreclosure and property abandonment by repurposing unused properties to benefit entire communities.
Military and first responders
"This home gives me a sense of stability and normalcy, and I’ll never have to worry about my son having a place to live — which is the best feeling a parent can possibly have.” - U.S. Army Staff Sgt. Ben Dellinger
In August 2012, Bank of America announced a commitment to make up to 1,000 homes available nationwide by 2014 through property donations to military veteran-support organizations and first responders through other non-profit, community-based groups.
Sergeant Ben Dellinger received a two-story, four-bedroom home in Charlotte, N.C., donated by Bank of America through our partnership with the Military Warriors Support Foundation, which provides homes to service members critically injured in Iraq and Afghanistan.
Jeff Cathey, managing director of the bank’s Military Affairs Advisory Group, said, “We are honored to partner with groups devoted to supporting service members and their families. Through this commitment, we honor their patriotism and express our abiding appreciation for their sacrifice and their service to our nation.”
In other communities, such as Detroit, we’re working with municipalities on housing rehabilitation efforts that help first responders move back into the city they protect.
Habitat for Humanity
In December 2012, Bank of America and Habitat for Humanity announced an expansion of their 25-year partnership in which Bank of America will donate up to 2,000 vacant properties for renovation or reconstruction over the next three years. This was Habitat’s largest one-time commitment of property donations from Bank of America, which will substantially support Habitat’s efforts to create affordable housing in to benefit low-income families in need of decent, affordable homes.
Since 2002, the Bank of America Charitable Foundation has contributed more than $22 million to Habitat’s work around the world, and bank employees annually contribute more than 30,000 volunteer hours to help rehabilitate and build homes. Habitat will turn the bank’s donations of low-value and distressed properties – vacant single-family residences or lots – into affordable housing. If existing structures need to be cleared from low-value properties to make way for construction of new houses, Bank of America also will contribute to the costs of demolition.
National Community Stabilization Trust
“We really cannot thank you, Bank of America, and your associates enough. Your thoughtful home donation program and generous charitable support makes an invaluable difference for the veterans and other eligible families that ANDP is able to provide with quality, affordable fully rehabilitated homes. My hope is that everyone on the Bank of America team will be reminded each day that their hard work is strengthening neighborhoods and serving families in need across Metro Atlanta” – John O’Callaghan, President & CEO, Atlanta Neighborhood Development Partnership, Inc.
Bank of America also partners with The National Community Stabilization Trust, an organization focused on transferring foreclosed properties to stabilize communities and provide new affordable housing opportunities. The Bank has donated hundreds of vacant properties to NCST, which identifies community non-profits, such as the Atlanta Neighborhood Development Partnership, Inc., which can use the property to create affordable, sustainable housing.
Through the partnership with NCST and other municipalities, Bank of America is also assisting with demolition of deteriorating structures and the donation of low-value vacant or abandoned properties for redevelopment, open space, urban farming or other uses that benefit the community.
Other focus areas for the bank’s property donation program are to respond to the housing needs of those displaced by natural disasters, as well as projects that support environmental or “green” housing. Individuals seeking donations should reach out to their community non-profit organizations to inquire about possible availability. Non-profit groups can contact PropertyDonation@bankofamerica.com for more information.