NeighborWorks Receives $2M from Bank of America

""NeighborWorks America"":http://www.nw.gov has received a $2 million grant from ""Bank of America"":http://www.bankofamerica.com to support the organization's foreclosure counseling efforts and fund training for local nonprofit professionals.

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NeighborWorks says the funding will help its network of community-based counselors create and preserve homeownership assets for 250,000 families.

""Preserving homeownership and providing transitional housing to stabilize neighborhoods are critical elements to the nation's economic recovery,"" said Kerry Sullivan, president of the Bank of America Charitable Foundation. ""That is why we work with leading nonprofits like Neigh-

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borWorks to help keep as many people as possible in their homes.""

Sullivan added, ""This grant provides funds directly to the housing nonprofits that are on the front lines every day working with homeowners in communities with high foreclosure rates.""

The grant, part of the North Carolina-based lender's $50 million philanthropic effort to support home retention programs, is one piece of the company's overall neighborhood stabilization strategy.

Bank of America also works with nonprofits and municipalities by participating in nearly 600 home retention community events across the country since 2009, and was the first major servicer to create a program for the timely resale of foreclosed properties for owner-occupants and community needs under the federal Neighborhood Stabilization Program (NSP).

""Bank of America's generous support expands our ability to help local nonprofit organizations do the important work necessary to build and sustain vibrant communities,"" said Eileen Fitzgerald, acting CEO for NeighborWorks America. ""This grant, along with support, will enable NeighborWorks organizations to help thousands of families attain their dream of homeownership, and thousands more to stay in their homes.""