Bank of America Supports Affordable Housing with Grants

The Bank of America Charitable Foundation has announced grants to housing nonprofits as a part of its ongoing support of community and economic development. The funding is expected to help more than 31 million low-income individuals. The grants will go to nonprofits that build and rehab affordable housing, provide homeowner counseling and foreclosure prevention services.

The total number of national and local nonprofits that will benefit from this funding exceeds 650, spread over 34 states. The grants will provide about 8,000 new affordable housing units and rehab more than 11,000 units. Bank of America has a community focus on food, housing and jobs, which are three fundamental areas that are crucial to stimulate the national economic recovery.

Bank of America has recently asked for proposals from nonprofits to provide job training, education and workforce success programs. Later this year, it will also ask for similar proposals in the area of critical needs, including hunger. The company maintains its focus on low income communities that have been worst affected by the economic downturn.

Nearly 42 percent of the nonprofits that receive Bank of America’s support provide housing services in addition to other programs aimed at improving the financial stability of low income families. One of the key programs is the Supplemental Nutritional Assistance Program (SNAP). Furthermore, some of these nonprofits also strive to ensure that the housing they provide is energy efficient, to reduce the carbon footprint, while minimizing the energy costs for the homeowners at the same time.

Kerry Sullivan, president, Bank of America Charitable Foundation, said: “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. 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.”