Long Island, NY - August 11, 2016 - Bank of America today announced $245,000 in grants to be distributed to 10 nonprofits working to increase access to affordable housing and support neighborhood revitalization in the Long Island community. Securing stable, affordable housing continues to be a challenge on Long Island, with more than 20 percent of individuals facing barriers to homeownership.
Funding will help low and moderate income individuals and families who are struggling due to a lack of affordable housing and broader needs related to community revitalization and enable them to access the resources they need to lay a foundation for a stable financial life, and in turn, drive growth in the Long Island community.
“Community development initiatives and revitalization efforts help strengthen Long Island as a place where people want to live, work and do business, leading to thriving communities and sustainable economic growth,” said Bob Isaksen, Long Island president, Bank of America. “We’re honored to partner with leading nonprofit organizations like the Community Development Corporation of Long Island and Housing Help that are addressing tough challenges in affordable housing to help build a thriving Long Island community.”
Among the nonprofits receiving grants is the Long Island Housing Partnership, which will use the funding for its Scattered Sites program, constructing 10 new affordable housing units across Long Island. This will both provide home ownership opportunities to 10 families (approx. 35 individuals) of low/moderate income and improve the physical appearance of local neighborhoods as new homes take the place of current lots.
“In partnership with Bank of America, we will immediately be able to start building affordable homes for the Long Island community through our Scattered Sites program,” said Peter Elkowitz, President and CEO, Long Island Housing Partnership. “We are grateful for their support and look forward to continuing to broaden the impact and availability of affordable housing on Long Island.”
Other organizations receiving grants include:
- Debt Counseling Corp.
- Habitat for Humanity of Nassau County
- Habitat for Humanity of Suffolk County
- Long Island Children’s Museum
- NY Mortgage Coalition, Inc.
- Rebuilding Together LI, Inc.
- The Long Island Museum of American Art, History & Carriages
Community revitalization is just one example of Bank of America’s commitment to responsible growth and shared success as it works to make the financial lives of individuals and families in Long Island better. Philanthropic and volunteer investments play a key role in building thriving communities, helping improve the lives of those areas.
About Bank of America Environmental, Social and Governance
At Bank of America, our focus on Environmental, Social and Governance (ESG) factors is critical to fulfilling our purpose of helping make people’s financial lives better. Our commitment to growing our business responsibly is embedded in every aspect of our company. It is demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our customers, and the impact we help create around the world in helping local economies thrive. An important part of this work is forming strong partnerships across sectors - including community and environmental advocate groups, as well as non-profits – in order to bring together our collective networks and expertise to achieve greater impact. Learn more at www.bankofamerica.com/about and connect on Twitter.