BofA Partners with Detroit to Assist Homeowners, Rehab Vacant Homes

In a partnership with the city of Detroit, ""Bank of America"":http://www.bankofamerica.com will open two customer assistance centers in the area to serve mortgage and other credit customers who are facing financial difficulty.

[IMAGE]

These centers, the locations of which are not yet identified, will provide homeowners at risk of default or foreclosure with counseling and on-site decision making for mortgage modification programs or other payment assistance.

The bank also announced its support of the ""Project 14"" initiative for affordable homeownership by law enforce-

[COLUMN_BREAK]

ment officers within the city. BofA will donate and refurbish 10 vacant homes for that program.

The bank will also work with the city to identify up to 100 low-value and vacant properties for demolition. The bank will donate the land to the city for green space, urban farming, or redevelopment.

""We are committed to keeping people in their homes wherever that is possible,"" said BofA CEO, Brian T. Moynihan. ""Our unique partnership with Detroit will also allow us to support a key priority for the mayor - affordable housing within the city for law enforcement personnel and the disposition of abandoned property to help ‘right-size' the city.""

According to Bank of America, it will continue to work with the city to develop additional programs that address abandoned properties.

""The city of Detroit appreciates Bank of America's support for Project 14 and the Detroit Works Project,"" said Detroit Mayor Dave Bing. ""We continue to look for innovative ways to partner with the business community to strengthen our neighborhoods and make our city safer. I hope this is the beginning of a successful partnership with Bank of America.""