News by SB Informer

Bank of America Announces Grant to NeighborWorks America

SB Informer
Tuesday, January 23, 2007; 01:33 AM

The Bank of America Charitable Foundation has provided a grant of $300,000 to NeighborWorks America to support the NeighborWorks Campaign for Home Ownership and the NeighborWorks Training Institute.

The NeighborWorks Campaign for Home Ownership, launched in 1993, has resulted in more than $10 billion in home loans and helped nearly 100,000 people become homeowners. More than 91 percent of the homeowners assisted by the Campaign were first-time homebuyers, and 90 percent of the families served by the program had low- or moderate-incomes.

"Home ownership is crucial in helping low- and moderate-income families build assets and move toward financial self-sufficiency," said Elizabeth Ferrer, Bank of America National Programs executive. "We are delighted to partner with NeighborWorks, an organization that has a proven track record of effectiveness in increasing affordable home ownership."

The grant will provide contributions of $15,000 for each of sixteen Home Ownership Centers in key urban markets, $5,000 grants for seven rural Home Ownership Centers and $25,000 to support the NeighborWorks Training Institute. Through the institute, NeighborWorks America offers training, certification and other resources to thousands of community development professionals who work to revitalize their communities.

"The NeighborWorks Home Ownership Centers provide a comprehensive set of services, from credit counseling to post-purchase support, to assist lower- income families on the path to purchasing and maintaining a home," said NeighborWorks of America CEO Ken Wade. "With the generous support of the Bank of America Charitable Foundation, NeighborWorks America will empower low- and moderate-income families to achieve homeownership, build wealth and strengthen their communities."

The NeighborWorks Campaign for Home Ownership is based on partnerships with more than 150 local organizations across the country.

The sixteen organizations receiving $15,000 contributions as a result of the Bank of America grant are:

  1. Los Angeles NHS, Los Angles, CA
  2. Community HousingWorks, San Diego, CA
  3. NHS of Silicon Valley, San Jose, CA
  4. Neighborhood Housing Services of Orange County, Inc., Santa Ana, CA
  5. Housing Partnership of NE Florida, Jacksonville, FL
  6. Miami Dade NHS, Miami, FL
  7. Housing Partnership, Inc. (Riviera Beach), West Palm, FL
  8. Charlotte Mecklenburg Housing Partnership, Charlotte, NC
  9. Community Development Corporation of Long Island, Long Island, NY
  10. NHS of San Antonio, San Antonio, TX
  11. HomeSight, Seattle, WA
  12. St. Petersburg Neighborhood Housing Services Inc., St. Petersburg, FL
  13. Clearwater Neighborhood Housing Services, Inc., Clearwater, FL
  14. Neighborhood Housing and Development Corp., Gainesville, FL
  15. NHS Home Headquarters, Syracuse, NY
  16. NHS of Inland Empire, San Bernardino, CA


The seven Home Ownership Centers receiving funding that serve rural markets are:

  1. Affordable Housing Resources, Nashville, TN
  2. Community Housing Services, Wichita, KS
  3. TRIP, Inc., Troy, NY
  4. Affordable Housing Education and Development (AHEAD), Littleton, NH
  5. Central Oregon Community Action Agency Network, Redmond, OR
  6. Homewise, Santa Fe, NM
  7. Neighborhood Housing Services of Waco, Inc., Waco, TX

  NeighborWorks(R) America

NeighborWorks America provides financial support, technical assistance and training for communities across the nation, including the NeighborWorks(R) network - a nationwide network of nearly 4,500 urban, suburban and rural communities across America. These organizations engage in revitalization strategies that strengthen communities and transform lives. In the last five years alone, NeighborWorks organizations have generated more than $12 billion in reinvestment and helped more than 845,000 families of modest means purchase or improve their homes, or secure safe, decent rental or mutual housing.

About Bank of America Corporate Philanthropy

The Bank of America Charitable Foundation has embarked on an unprecedented 10-year goal to give $1.5 billion to nonprofit organizations engaged in improving the quality and vitality of their neighborhoods. The bank is on track to exceed that goal by giving more than $200 million in 2006, making it one of the most generous corporate donors in the world. Bank of America approaches giving through a national strategy called "neighborhood excellence" under which it works with local leaders to identify and meet the most pressing needs of communities. Through Team Bank of America, bank associate volunteers contribute more than 650,000 hours each year to improve the quality of life in their communities nationwide. For more information about Bank of America Corporate Philanthropy, please visit www.bankofamerica.com/foundation.

Bank of America (www.bankofamerica.com) is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 20 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

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