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Bank of America Awards $282,500 in Economic Mobility Grants to Enhance Community Revitalization

October 10, 2017

Posted: Tuesday, October 10, 2017 7:27 am

 

RIVERSIDE – Bank of America today announced $282,500 in economic mobility grants
to be awarded to 26 nonprofits working on community revitalization efforts across the
Inland Empire. These nonprofits provide solutions addressing a range of economic
development issues from affordable housing and veterans housing resources to small
business management resources arts and cultural programming.

 

Affordable housing options in the Inland Empire continue to be in short supply, with
renters facing the country’s second-highest annual average rent increase according to a
June 2017 report from rental market research firm Axiometrics. A high cost of living is a
major barrier to financial goals for hardworking people and can hinder growth for local
businesses and the overall prosperity of a community.

 

“Partnering with organizations focused on neighborhood revitalization is part of our
approach to sustainable growth, and helps make it easier for Inland Empire residents to
achieve financial stability,” said Al Arguello, Inland Empire Market President, Bank of
America. “We’re proud to support nonprofits that help spark economic growth for
neighborhoods and the region.”

 

One nonprofit receiving funding from Bank of America is Habitat for Humanity
Riverside, who creates stronger communities by building affordable housing options and
will use the funds to build four new homes for low-income veteran families in Riverside.
“We are so honored and thankful to have been awarded this grant from Bank of America.
We love that they don’t just award a grant, they also come out to help,” said Kathy
Michalak, Executive Director, Habitat for Humanity Riverside. “Employees join us on
repair projects and build sites all year long and we can’t wait to break ground on this
newest project in Riverside for low-income veteran families. Thank you, Bank of
America!”

 

Other organizations receiving grants include: Academy for Grassroots Organizations,
Inland Empire Women’s Business Center (Accion), Fair Housing Council of Riverside,
Habitat for Humanity of Riverside, Opportunity Fund, Rivers and Lands Conservancy,
Riverside Art Museum, TriTech Small Business Development Center, Homeaid Inland
Empire, MicroEnterprise Collaborative of Inland Southern California, Habitat for
Humanity of San Bernardino, Neighborhood Housing Services for the Inland Empire,
Neighborhood Partnership Housing Services, San Bernardino Symphony, Inland Empire
Small Business Development Center, Habitat for Humanity Inland Valley, Hometown
Community Development Corporation, Hope through Housing Foundation, National
Latina Business Women’s Association of the Inland Empire, Rancho Cucamonga
Community & Arts Foundation, Angel View, Coachella Valley Economic Partnership,
Coachella Valley Housing Coalition, McCallum Theater, Habitat for Humanity of the
Coachella Valley and Palm Springs International Film Society.
In addition to grants, Bank of America’s philanthropic efforts also focus on employee
volunteerism to help building thriving communities, with local Bank of America
employees volunteering nearly 12,000 hours last year.




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