Economic Mobility Focused on the Needs of the Community

At Bank of America, we’re guided by a common purpose to help make financial lives better. We drive Responsible Growth by focusing on our clients, managing risk well, and making sure our growth is sustainable. To be sustainable, we have to share our success with our communities which includes all we do to drive progress on societal priorities, including those broadly defined in the United Nations (UN) Sustainable Development Goals (SDG): poverty, hunger, education, affordable housing, and other key areas.

As part of this work, we develop strong partnerships with nonprofit organizations addressing issues fundamental to economic mobility and social progress in low- and moderate-income communities. We focus on improving the lives of individuals and families by investing in basic needs and workforce development and education and also strengthening broader community vitality by addressing needs related to affordable housing, small business, and neighborhood revitalization. Through our partnerships, we support vulnerable populations, including working families, youth and young adults out of school and work, seniors, individuals living with disabilities, veterans, and those impacted by the criminal justice system – enabling them to move forward toward their goals. We recognize that people and communities of color continue to face significant challenges, and we are working to advance racial equality and economic opportunity throughout many of our partnerships.

Economic mobility focused on the needs of the community

Affordable Housing

The current environment has underscored the importance of safe, decent housing for an individual’s overall well-being, including health, educational success and future employment opportunities. Yet for many, access to affordable housing has become further out of reach while others struggle with the possibility of eviction, foreclosure and homelessness. That’s why we support the efforts of organizations working to preserve, and increase access to a mix of affordable housing options as well as other essential assistance.

Examples:

• Housing development for vulnerable populations through the construction or preservation of affordable single, multi-family, transitional and supportive housing
• Minority homeownership programs
• Pathways to stable housing or homeownership through financial stability efforts such as homebuyer education, budgeting, savings, and credit counseling including eviction and foreclosure prevention.
• Sustainable development efforts creating healthy living environments through energy efficiency upgrades, retrofits, solar and other green building efforts.

Neighborhood Revitalization

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. We support local and regional revitalization efforts, taking a holistic approach to building inclusive communities, creating economic opportunity and livable neighborhoods.

Examples:

• Revitalization, preservation, and stabilization initiatives that engage community stakeholders in building livable communities.
• Transit-oriented development efforts that connect individuals to jobs, services, schools, and economic opportunity.
• Community arts and cultural institutions that provide economic opportunity and contribute to the vitality and livability of communities.
• Resiliency of communities supporting short and long term plans to prepare, withstand and recover from extreme weather events and the long-term impacts of climate change.
• Environmental efforts through the preservation, creation or restoration of open space, parks and community gardens.
• Supporting organizations/initiatives that bring energy efficiency and renewable energy advances to LMI/BIPOC communities

Small Business Resiliency