Bank of America Announces More Than $22 Million in Grants to Housing Nonprofits

  Bank of America Announces More Than $22 Million in Grants to Housing

    Funding Part of Ongoing Support of Community and Economic Development,
       Estimated to Benefit More Than 31 Million Low-Income Individuals

Business Wire

CHARLOTTE, N.C. -- July 23, 2012

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.

One of the national grant recipients is Mercy Housing, Inc., which will
receive $375,000 to support the preservation of existing affordable housing,
develop new units and provide integrated services that help families facing
foreclosure stay in their homes, achieve financial stability and build assets.
Mercy Housing has programs in Alabama, California, Georgia, Idaho, Illinois,
South Carolina, Washington and Wisconsin.

Most of the funding announced today supports local nonprofits like Plymouth
Housing Group in Seattle, Washington, which works to eliminate homelessness
and support low-income people in downtown Seattle. The $25,000 grant will
support the expansion of a new initiative, The Recovery Support Program, which
will assist homeless adults recovering from addiction with housing, counseling
and in-house support. The Recovery Support Program will be available at The
Williams Apartments, a new 81-unit building now under construction in the
South Lake Union neighborhood. Half of the 81 residences will be reserved for
homeless veterans. The Williams Apartments will be a LEED^®-certified,
sustainably-built building.

In addition to financial support, Bank of America’s employees give their time,
passion and expertise to address housing needs through volunteerism. In 2011,
bank employees donated more than 455,000 service hours in partnership with
organizations like Habitat for Humanity, Rebuilding Together and Operation

Philanthropic and volunteer support are just a few of the ways that Bank of
America continues to address the foreclosure crisis and help revitalize
neighborhoods. The company has completed more than one million loan
modifications since 2008 and participated in more than 1,000 mortgage outreach
events since 2009. Bank of America has also opened 50 customer assistance
centers in 25 states hardest hit by foreclosures, providing distressed
homeowners face-to-face counseling and assistance.

Bank of America is the largest investor in Community Development Financial
Institutions (CDFIs), with more than $1 billion in capital in more than 200
CDFIs in 45 U.S. states, the District of Columbia and Puerto Rico, financing
affordable housing, community facilities, nonprofits, small businesses and
micro-enterprises. In 2011, the company invested more than $443 million in
CDFIs that primarily fund affordable housing initiatives across the U.S.

Bank of America Corporate Social Responsibility
Bank of America’s commitment to corporate social responsibility (CSR) is a
strategic part of doing business globally. Our CSR efforts guide how we
operate in a socially, economically, financially and environmentally
responsible way across more than 100 markets around the world, to deliver for
shareholders, customers, clients and employees. Our goal is to help create
economically vibrant regions and communities through lending, investing and
giving. By partnering with our stakeholders, we create shared value that
empowers individuals and communities to thrive and contributes to the
long-term success of our business. We have several core areas of focus for our
CSR, including responsible business practices; environmental sustainability;
strengthening local communities with a focus on housing, hunger and jobs;
investing in global leadership development; and engaging through arts and
culture. Learn more at and follow us on
Twitter at @BofA_Community.

For more Bank of America news, visit the Bank of America newsroom.



Reporters May Contact:
Nicole Nastacie, Bank of America, 1.980.388.7252
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