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Bank Of America Announces More Than $22 Million In Grants To Housing Nonprofits

Stocks in this article: BAC

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.

These grants will support more than 650 national and local community nonprofits in 34 states. In addition, information provided by the nonprofit grantees estimates the funding will benefit more than 31 million people, providing nearly 8,000 new affordable housing units and rehabbing over 11,000 units. Supporting housing nonprofits is one component of the company’s community focus on housing, jobs and hunger – three areas that are critical to stimulating the national economic recovery. Bank of America recently issued a request for proposals for nonprofits providing education, job training and workforce success programs and will issue a similar request related to critical needs, including hunger later this year. The company continues to focus on low- and moderate-income communities that have been hardest hit in the economic downturn.

“Bank of America recognizes that housing plays a critical role in stabilizing communities and advancing economic development, and we continue to look for ways to support innovative programs that will help individuals and families access and retain affordable housing,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “Our partnerships with local and national organizations that address housing needs are just one of the ways we’re working to help improve local economies across the country.”

As part of the company’s integrated approach to addressing community challenges, about 42 percent of the nonprofits receiving support from Bank of America offer housing services alongside other programs designed to strengthen families’ financial stability, such as SNAP (Supplemental Nutrition Assistance Program, formerly the Food Stamp Program). Additionally, some of these nonprofits also work to ensure that affordable housing is energy efficient, which not only reduces environmental impacts but also lowers energy costs for renters and homeowners.

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