BofA to Award $22M in Grants to Housing Nonprofits

In an effort to revitalize hard-hit communities and assist struggling families, the ""Bank of America Charitable Foundation"":http://about.bankofamerica.com/en-us/index.html#fbid=AsJIPf9mbPi announced it will award $22 million in grants to housing-related nonprofits.

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More than 650 nonprofits in 34 states will receive support through the grants. Nonprofit grantees estimate the funding will benefit more than 31 million people, providing nearly 8,000 new affordable housing units and rehabbing over 11,000 units.

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""Bank of America recognizes that housing plays a critical role in stabilizing communities and advancing economic development, and we continue to look for ways to support innovative programs that will help individuals and families access and retain affordable housing,"" said Kerry Sullivan, president, Bank of America Charitable Foundation.

About 42 percent of the nonprofits receiving support from BofA integrate housing services with other programs to provide overall financial stability, such as SNAP (Supplemental Nutrition Assistance Program).

In 2011, BofA employees also donated more than 455,000 service hours in partnership with organizations such as Habitat for Humanity, Rebuilding Together, and Operation Homefront.

The bank also announced it has completed more than one million loan modifications since 2008.

Bank of America is the largest investor in Community Development Financial Institutions (CDFIs), with more than $1 billion in capital in more than 200 CDFIs in 45 U.S. states, the District of Columbia and Puerto Rico. In 2011, BofA invested more than $443 million in CDFIs that focus on funding affordable housing initiatives.