Hampton Roads, Va. – Bank of America recently announced $106,500 in grants, to be distributed to 14 nonprofits working to increase access to affordable housing and support neighborhood revitalization in the Hampton Roads community. Securing stable housing continues to be a challenge in the region where approximately one in every three households is paying more than 30 percent of their gross income for rent.
Funding will help low and moderate income individuals and families who are struggling due to a lack of affordable housing and broader needs related to community revitalization. This support will help provide access to the resources they need to lay a foundation for a stable financial life, and in turn, drive growth in the Hampton Roads community.
“Community development initiatives and revitalization efforts help strengthen Hampton Roads as a place where people want to live, work and do business and leads to sustainable economic growth,” said Charlie Henderson, Hampton Roads market president, Bank of America. “We’re honored to partner with leading nonprofit organizations such as the Housing Development Corporation of Hampton Roads (HDCofHR) that are addressing tough challenges in affordable housing to help build a thriving Hampton Roads community.”
HDCofHR will use the funding to provide permanent supportive housing to individuals who face difficulty securing housing due to poor credit, serious mental illness and drug abuse, among other reasons.
Bank of America’s support will help provide for maintenance of our 25 housing units and expenses,” said Sister David Ann Niski, HDCofHR secretary. “This grant contributes to the affordable housing and community revitalization goals of Newport News.”
Other community revitalization organizations receiving grants by category include:
Community revitalization is just one example of Bank of America’s commitment to responsible growth and shared success as it works to make the financial lives of individuals and families in Hampton Roads better. Philanthropic and volunteer investments play a key role in building thriving communities.
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At Bank of America, our focus on Environmental, Social and Governance (ESG) factors is critical to fulfilling our purpose of helping make people’s financial lives better. Our commitment to growing our business responsibly is embedded in every aspect of our company. It is demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our customers, and the impact we help create around the world in helping local economies thrive. An important part of this work is forming strong partnerships across sectors - including community and environmental advocate groups, as well as non-profits – in order to bring together our collective networks and expertise to achieve greater impact. Learn more at www.bankofamerica.com/about and connect with us on Twitter at @BofA_News.