Bank of America Awards Community Development Grants to Delaware Nonprofits
The Bank of America Charitable Foundation today announced $849,000 in community development grants to 18 nonprofits in Delaware to help individuals and families achieve and sustain financial stability. This is in addition to the $875,000 announced in July for local workforce development and education needs.
The investment will help improve access to affordable housing, preserve neighborhoods, provide financial education and coaching for future homeowners, and support organizations and initiatives that contribute to the success of local communities.
“We’re working with community partners to help connect individuals and families to affordable housing as a first step toward long-term financial stability,” said Chip Rossi, Delaware market president for Bank of America. “It’s part of our broader efforts to help improve the financial lives of Delawareans and the local communities we serve.”
The Delaware nonprofits receiving grants include:
Delaware Financial Literacy Institute, which will use the funding to support the Money School. Money School students learn personal finance strategies to help retain and build assets, reduce debt, improve credit, plan for retirement, explore home ownership and create business start-ups. The wide range of services provided to students also includes live and online classes, credit counselors, a micro-business incubator and access to partner resources. The Money School provides over 600 free classes annually, taught by over 100 expert volunteers.
Habitat for Humanity of New Castle County, which will use the funding to support the next phase of the Neighborhood Revitalization Initiative (NRI) Program focused in the Prices Run community of northeast Wilmington. The funds will be used to begin construction of a new seven-unit townhome development called Coopers Run. Through the NRI Program, Habitat has provided permanent, safe, clean, affordable new housing to 31 families in Prices Run. Currently, there are 13 additional homes under construction in Prices Run. Last year, 26 local contractors were employed adding $1.4 million to the local economy.
Wilmington Renaissance Corporation, which will use the funding to support the Artist Live/Work Initiative (ALWI). The initiative will integrate arts and culture into comprehensive community revitalization efforts by constructing 50 artist live/work spaces in a four-city-block area in the next three to five years for artists on the western edge of the Downtown Wilmington Business District. The program will target artists who qualify as low- or moderate-income, providing ownership and entrepreneurial opportunities that might otherwise not be available. ALWI will stabilize a highly- transient neighborhood, change negative perceptions, create a walkable neighborhood for residents and a destination for visitors. It will also include beautification and artistic projects to engage the current residents and community members.
The Bank of America Charitable Foundation is also awarding grants to Cornerstone West, Delaware Art Museum, Delaware Children’s Museum, Delaware Community Reinvestment Action Council, Delaware Housing Coalition, Downtown Visions Mainstreet Wilmington Program, Interfaith Community Housing of Delaware, Inter-Neighborhood Foundation of Wilmington, Milford Housing Development Corporation, National Council on Agricultural Life and Labor Research Fund, Nehemiah Gateway Community Development Corporation, Neighborhood House, the Nemours Foundation, The Grand Opera House, and the Wilmington Housing Partnership.
In addition to more than $23 million in housing grants across the U.S., the company addresses housing issues in a number of other ways including extending approximately $52 billion in mortgage loans in the first half of 2013 to more than 218,000 borrowers. Thirty-five percent of these loans have been made to low- to moderate-income individuals and families. Bank of America offers assistance and educational support to provide more transparency and clarity about the homebuying process, including working with more than 550 housing counseling agencies approved by the U.S. Department of Housing and Urban Development. Additionally, through its Community Development Banking business, Bank of America Merrill Lynch provided more than $1.6 billion in financing and equity commitments in the first half of 2013, which will help create more than 6,500 affordable housing units.
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 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 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. As part of these efforts, employee volunteers across the company contribute their time, passion and expertise to address issues in communities where they live and work. Learn more at www.bankofamerica.com/about and follow us on Twitter at @BofA_Community.
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