Melville, NY - October 16th, 2013 - The Bank of America Charitable Foundation today announced more than $240,000 in grants to six Long Island nonprofits focused on helping individuals and families achieve and sustain financial stability. This investment will help improve access to affordable housing, preserve neighborhoods and provide financial education and coaching for future homeowners.
The economic downturn has had a lasting effect on many, particularly veterans and low- to moderate-income families. According to the 2013 Out of Reach report, Nassau-Suffolk is the eighth most expensive metropolitan area in the nation to rent a two bedroom apartment. Given these conditions, many Long Island residents face difficulties securing safe and affordable housing.
“Homeownership plays an integral role in community-building,” said Robert Isaksen, Long Island president, Bank of America. “Our local nonprofit partners work tirelessly to see that Long Island residents are prepared for that responsibility.”
Organizations receiving grants include:
- Community Development Corp. of Long Island, which is committed to making dreams of long-term economic stability come true through sustainable, affordable homeownership, entrepreneurship, and financial management skills training.
- Housing Help Inc., which provides information on tenant rights, landlord/tenant mediation, first time home buyer counseling, default counseling, reverse equity mortgage counseling, and budgeting.
- Long Island Housing Partnership, which was established to provide assistance to eligible homeowners whose property was damaged as a result of Superstorm Sandy, Hurricane Irene or Tropical Storm Lee.
- Rebuilding Together LI, whose mission is to repair and rehabilitate the homes of poor, elderly and disabled homeowners.
In addition to providing more than $23 million in housing grants across the U.S. in 2013, Bank of America 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 home buying 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