Bank of America is offering $22 million in grants to nonprofit agencies across the country that offer foreclosure prevention services and build and repair affordable housing to support economic development in distressed communities.
According to the Charlotte-based bank, the grants will support more than 650 national and local community nonprofits in 34 states. Additionally, the information provided by the nonprofit agencies will benefit 31 million people, particularly low-income individuals.
With the grants, nearly 8,000 new affordable housing units will be available for borrowers struggling to remain in their home and over 11,000 properties will be improved.
One of the grant recipients receiving $375,000 is Mercy Housing Inc. The Denver-based organization that has 14 regional business centers nationwide will use the funds 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.
Most of the funding is directed to support local nonprofits, including Seattle-based Plymouth Housing Group, which works to eliminate homelessness. A $25,000 grant will also be awarded to the Recovery Support Program, which assists homeless adults recovering from addiction with housing, counseling and in-house support.
“Housing plays a critical role in stabilizing communities and advancing economic development,” said Kerry Sullivan, president of the Bank of America Charitable Foundation. “We continue to look for ways to support innovative programs that will help individuals and families access and retain affordable housing.”
