Bank of America Charitable Foundation Awards $2 Million to NeighborWorks America

NeighborWorks America has announced a $2 million grant from the Bank of America Charitable Foundation that will support various initiatives, including affordable homeownership and training for local nonprofit organizations.

The grant will help the D.C.-based organization create and preserve homeownership assets for 250,000 families; advance its own efforts to assist 130,000 homeowners who need housing rehab or delinquency/foreclosure prevention assistance; provide training to more than 11,000 nonprofit community development professionals; foster the adoption of the National Industry Standards for Homeownership Education and Counseling; and enable fifty nonprofit community development leaders to attend the Achieving Excellence program conducted in collaboration with Harvard University.

Awarded through a $50 million Bank of America initiative to support home retention programs, the grant is part of BofA's overall neighborhood stabilization strategy. In 2010, Bank of America provided more than $1.7 billion to help finance some 11,700 affordable housing units.

"Preserving homeownership and providing transitional housing to stabilize neighborhoods [is] critical elements to the nation's economic recovery," said Bank of America Charitable Foundation president Kerry Sullivan. "That is why we work with leading nonprofits like NeighborWorks to help keep as many people as possible in their homes. 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."