Bank of America Charitable Foundation: Economic Mobility Focused on the Needs of the Community
The Bank of America Charitable Foundation partners with nonprofits that are removing barriers for economic opportunity for vulnerable populations, including families struggling to make ends meet, opportunity youth, individuals living with disabilities, veterans, and those with significant barriers to employment, including those impacted by the criminal justice system. The goal is to help transform communities in crisis into thriving neighborhoods that fuel economic growth and prosperity for all.
Given the health and humanitarian crisis that communities across the country are facing, Bank of America is prioritizing its philanthropic response to focus on immediate critical needs, including increasing medical response capacity, addressing food insecurity, increasing access to learning as a result of school closures, and support of vulnerable populations. As the year progresses, it will continue to assess the evolving needs in the communities it serves, and how it will offer support.
The current funding opportunity – Economic mobility focused on the needs of the community by addressing economic development and social progress – seeks to support the following priorities:
1. Expanding Access to Housing Opportunities: Nonprofit organizations as they work to preserve, and increase access to a mix of affordable housing options and connect low- and moderate- income individuals and families with the tools and resources to achieve their financial goals. Examples include:
- Housing efforts addressing the needs of vulnerable populations (e.g., low- and moderate- income, homeless, elderly, formerly incarcerated) as they construct or preserve affordable single-, multi-family, transitional and supportive housing
- Creating pathways to stable housing or homeownership through financial stability efforts such as homebuyer education, budgeting, savings, credit and credit repair, including foreclosure prevention and loss mitigation
- Sustainable development efforts creating healthy living environments through the pursuit of energy efficiency upgrades, retrofits, solar and other green building efforts
2. Building Vibrant Communities: Vibrant communities are places where individuals can thrive and succeed and have the opportunity to live and work with safe, decent housing, transportation to jobs, strong business corridors and thriving arts and culture districts. Funding will support local and regional revitalization efforts that take a holistic approach to building thriving communities and creating economic opportunity and livable neighborhoods. This includes support of economic drivers such as arts and cultural institutions that contribute to the overall vitality of the community. Examples include:
- Economic development efforts that promote small business growth and healthy commercial corridors
- Revitalization and place based initiatives that engage community stakeholders in the environmental health and economic growth of their communities (e.g., Choice Neighborhoods; Opportunity Zones; transit-oriented development; and connecting individuals to jobs, services, schools, and economic opportunity)
- Funding to support neighborhood preservation efforts which strengthen overall community health, safety and welfare
- Supporting the construction of vital community facilities (e.g., affordable health and treatment centers) delivering critical services to the community’s most vulnerable residents
- Strengthening the resiliency of communities through the initiatives that support local plans to prepare, withstand and recover from extreme weather events and the long-term impacts of climate change
- Supporting community arts and cultural institutions that provide economic opportunity and contribute to the vitality and livability of communities
- Supporting community greening efforts that create healthy neighborhoods and environmental sustainability through the preservation, creation or restoration of open space, parks and community gardens
Award: Awards typically range from $5,000 to $25,000.
Eligibility: Nonprofit organizations located in areas of Bank of America company operations.
Note: The funding cycle opens on June 1, 2020.
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