San Diego CA— Bank of America today announced $267,500 in economic development grants, to be distributed to19 nonprofits that help stimulate local business and neighborhood stability. Nonprofits receiving the funds provide services ranging from affordable housing and community development resources to small business support, access to arts and culture opportunities, and environmental sustainability.
Bank of America Announces $267,500 In Economic Development Grants to Stimulate Business and Neighborhood Stability
People who have access to affordable housing are better positioned to achieve their long-term goals, including better outcomes at work and education results for their children, all of which contributes to economic growth. A new report from the California Housing Partnership notes San Diego needs 143,800 more affordable rental homes to meet the current demand. The report also notes that San Diegan’s lowest-income renters spend 69% of their income on rent leaving little remaining for essentials.
“Advancing economic and community development initiatives strengthens the vibrancy of San Diego where people want to live, work and do business, and is part of our approach to responsible growth,” said Rick Bregman, San Diego Market President, Bank of America. “By deploying philanthropic capital to nonprofits to drive local success creates innovative solutions to the issues we face around affordable housing, community development and helps communities sustain economic success.”
Among the nonprofits receiving a grant is Community HousingWorks, which will utilize the Bank of America funding to build upon their innovative Financial Well-being programs. CHW has served over 9,000 residents through their creative individual coaching to help set and attain financial goals to heighten San Diego’s economic growth and development.
CHW is a nationally recognized 501(c)(3) nonprofit organization that develops, rehabilitates, preserves and operates affordable apartment communities in San Diego. CHW programs have been recognized in a national review as one of the seven best-practice programs in the nation with an 80% success rate.
“In partnership with Bank of America, Community HousingWorks can provide our residents with life-changing Financial Well-being programs and resources to help them achieve financial stability, security and mobility,” said Sue Reynolds, President and CEO of Community HousingWorks. “Our Rental Home Stability Program and Financial Health Club provide residents with the knowledge, resources, and skill-building opportunities to build their credit, budget, and save. We’re proud that Bank of America can join us in our legacy of helping our residents meet their financial goals to forge stronger futures.”
Other organizations receiving grants include: Accion San Diego, Armed Services YMCA Camp Pendleton, Armed Services YMCA of the USA, Bridge Housing Corporation, Cleantech Education Foundation, Community Housing Works, Corporation for Supportive Housing, Downtown San Diego Partnership Foundation, Habitat For Humanity International, Inc., LISC, NTC Foundation, Old Globe Theatre, San Diego Housing Federation, San Diego Region Small Business Development Corporation (SDR), San Diego Society of Natural History Balboa Park, San Diego Symphony Orchestra Association, The New Children’s Museum, Theatre & Arts Foundation of San Diego County and Zoological Society of San Diego.
Advancing economic mobility through community development partnerships is just one example of Bank of America’s commitment to responsible growth and shared success as it works to improve the financial lives of individuals and families in San Diego. Earlier this year, the bank awarded $532,500 to 42 nonprofits addressing workforce readiness, emergency shelter and basic needs such as hunger and other barriers to economic mobility.
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter at @BofA_News.