Disadvantaged Community Development and Housing Program Grants

“At Bank of America, we’re guided by a common purpose to help make financial lives better. We’re delivering on this through our responsible growth strategy with a focus on environmental, social and governance (ESG) leadership. As part of this work, we develop strong partnerships with nonprofit organizations addressing issues fundamental to economic mobility and social progress in low- and moderate-income communities. In response to poverty and issues affecting social justice and racial and gender inequality, we focus on stabilizing individuals and families by ensuring their basic needs are met; addressing challenges, such as food and housing insecurity; and connecting individuals to pathways to succeed by building skills for 21st century jobs through education and workforce training.

Expanding Access to Housing Opportunities
Access to affordable housing remains a significant challenge in all our communities. For many, it is becoming further out of reach with more than 18 million households paying more than 50% of their income for housing. That’s why we support nonprofit organizations as they work to preserve, and increase access to a mix of affordable housing options and connect low- and moderate- income individuals and families with the tools and resources to achieve their financial goals.

Examples:

• Housing efforts addressing the needs of vulnerable populations (e.g. low- and moderate- income, homeless, elderly, formerly incarcerated) as they construct or preserve affordable single-, multi-family, transitional and supportive housing
• Creating pathways to stable housing or homeownership through financial stability efforts such as homebuyer education, budgeting, savings, credit and credit repair, including foreclosure prevention and loss mitigation
• Sustainable development efforts creating healthy living environments through the pursuit of energy efficiency upgrades, retrofits, solar and other green building efforts

Building Vibrant Communities
Vibrant communities are places where individuals can thrive and succeed and have the opportunity to live and work with safe, decent housing, transportation to jobs, strong business corridors and thriving arts and culture districts. All of these are essential to an individual’s overall economic mobility. For this reason, we support local and regional revitalization efforts that take a holistic approach to building thriving communities and creating economic opportunity and livable neighborhoods. This includes support of economic drivers such as arts and cultural institutions that contribute to the overall vitality of the community.

Examples:

• Economic development efforts that promote small business growth and healthy commercial corridors
• Revitalization and place based initiatives that engage community stakeholders in the environmental health and economic growth of their communities (e.g. Choice Neighborhoods; Opportunity Zones; transit-oriented development; and connecting individuals to jobs, services, schools, and economic opportunity.)
• Funding to support neighborhood preservation efforts which strengthen overall community health, safety and welfare.
• Supporting the construction of vital community facilities (e.g., affordable health and treatment centers) delivering critical services to the community’s most vulnerable residents
• Strengthening the resiliency of communities through the initiatives that support local plans to prepare, withstand and recover from extreme weather events and the long-term impacts of climate change
• Supporting community arts and cultural institutions that provide economic opportunity and contribute to the vitality and livability of communities
• Supporting community greening efforts that create healthy neighborhoods and environmental sustainability through the preservation, creation or restoration of open space, parks and community gardens.”