Enterprise receives $3.75 million grant from Bank of America to Strengthen Communities Through Affordable Housing Development and Preservation
COLUMBIA, Md. – May 31, 2017 – Nationwide efforts to foster community improvement will benefit from new funding for the development of financial tools, strategies and expertise, multiplying the impact of local affordable housing development. Part of a 3-year, $3.75 million grant from the Bank of America Charitable Foundation, the funding will support community development initiatives led by Enterprise Community Partners Inc. (Enterprise) in urban and rural areas across the country.
“When we help struggling neighborhoods overcome complex challenges they begin to thrive, providing more people with the opportunity to reach their full potential,” said Terri Ludwig, president & CEO, Enterprise Community Partners. “Thanks to the strong support of Bank of America, we’re better equipped to strengthen communities and serve the needs of low-income families through well-designed homes made affordable and connected to resources like good schools, jobs, transit and health care.”
The grant will support a variety of projects in Atlanta; Baltimore; Chicago; Cleveland; Denver; Detroit; Los Angeles; New Orleans; New York; San Francisco; Seattle; and Washington, D.C. For example, in Detroit, Enterprise will work with city officials and community leaders to establish inclusionary zoning ordinances to ensure the availability of affordable homes in areas of heightened economic development. In New York, new Ready-to-Respond tools for resilience will help community development organizations protect their properties against disaster. In San Francisco, innovative and collaborative financing has enabled rehabilitation work to begin on the country’s largest Rental Assistance Demonstration project.
In addition, Bank of America’s support will enable Enterprise to:
- Innovate and scale new financial tools and programs that help create and preserve affordable homes;
- Build the capacity of local community development organizations;
- Advocate for improved policies at the federal, state and local level;
- Share best practices for driving resources to communities, and grow partnerships through knowledge sharing.
“Access to affordable housing is a critical pathway to financial stability and success for individuals and families,” said Kerry Sullivan, president, Bank of America Charitable Foundation. “For more than 25 years, we’ve partnered with Enterprise to help address housing challenges facing so many low-income individuals and we’re honored to continue this important work.”
As a long-time supporter of Enterprise, Bank of America has provided $1.4 billion in grants, loans and equity to fund community development projects in low-income areas where there is a significant need for affordable and secure housing.
Enterprise seeks to end housing insecurity in the U.S., which affects nearly 19 million low-income families who are homeless or paying more than half of their monthly income on housing.