Community Development

6/30/20 9:30 am EDT

As part of the company’s ongoing commitment to advance racial equality and economic opportunity, Bank of America has signed on as a founding partner of iHeartMedia’s latest venture, Black Information Network (BIN).

There is a void for a 24/7 national and local all-news audio service focused on the Black community, and many stories important to the Black community have gone untold. BIN aims to bridge that gap and provide an objective, accurate and trusted news source with a Black voice and perspective.

“When we can invest in opportunities that genuinely serve communities, more...

6/8/20 3:05 pm EDT

Hoy, el Smithsonian anunció el lanzamiento de su nueva iniciativa “Raza, comunidad y nuestro futuro compartido”, la cual explorará cómo los estadounidenses actualmente entienden, experimentan y enfrentan el tema de la raza, y su impacto en las comunidades, y cómo ese impacto está dando forma al futuro del país. El lanzamiento de la iniciativa es posible gracias a un compromiso de $25 millones de Bank of America, socio fundador.

“Durante casi 175 años, el Smithsonian ha sido un lugar que une a los Estados Unidos en tiempos de alegría, celebración, dolor y tristeza”, dijo Lonnie more...

6/8/20 3:00 pm EDT

Today, the Smithsonian announced the launch of its new “Race, Community and Our Shared Future” initiative, which will explore how Americans currently understand, experience and confront race, its impact on communities and how that impact is shaping the nation’s future. The launch of the initiative is made possible through a $25 million commitment from founding partner, Bank of America.

“For nearly 175 years, the Smithsonian has been a place that brings America together in times of joy, celebration, sorrow and sadness,” said Lonnie Bunch, secretary of the Smithsonian. “A place where more...

5/29/20 4:33 pm EDT

Bank of America, IBM Corporation, Morgan Stanley and Accenture have committed financial and in-kind support totaling $8.5 million to the Brave of Heart Fund, established to provide financial and emotional support to the surviving family members of frontline health care workers and volunteers who lose their lives in the COVID-19 fight. Bank of America has contributed $5 million to the fund, with Morgan Stanley contributing $1 million and Accenture committing $500,000. The fund has also received contributions from individuals, family foundations and other corporations, totaling an additional more...

3/17/20 5:48 pm EDT

Entre muchos de los problemas sin precedentes que enfrenta el mundo debido al COVID-19, uno de los más urgentes es cómo garantizar que cientos de millones de estudiantes continúen aprendiendo durante las próximas semanas y meses en medio del cierre generalizado de escuelas primarias y secundarias.

Khan Academy, una organización educativa sin fines de lucro con herramientas de aprendizaje gratuitas e interactivas para estudiantes y herramientas gratuitas para maestros y padres, está en una posición única para desempeñar un papel esencial en el apoyo de la continuación del more...

3/17/20 5:46 pm EDT

Among the many unprecedented issues the world is facing because of COVID-19, one of the most pressing is how to ensure that hundreds of millions of students can continue to learn over the weeks and months ahead amid widespread elementary and secondary school closures.

Khan Academy ‒ an educational nonprofit with free, interactive learning materials for students and free tools for teachers and parents ‒ is uniquely positioned to play an essential role in supporting the continuation of learning at home. However, the organization needs additional resources to manage the expected more...

3/17/20 5:35 pm EDT

Bank of America anunció hoy que destinó $100 millones para apoyar a las comunidades locales debido a los retos sin precedentes que enfrenta el mundo por el coronavirus. Los fondos ayudarán a aumentar la capacidad de respuesta médica, abordar la inseguridad alimentaria, aumentar el acceso al conocimiento por el cierre de escuelas y brindar apoyo a las poblaciones más vulnerables del mundo.

“Todos debemos trabajar juntos como una comunidad global, a nivel públicos, privados e individual, para afrontar esta crisis de salud y humanitaria”, dijo Brian Moynihan, director general de Bank more...

3/17/20 5:33 pm EDT

Bank of America today announced it is committing $100 million to support local communities in need as the world faces unprecedented challenges from the coronavirus. The funds will help increase medical response capacity, address food insecurity, increase access to learning as a result of school closures, and provide support to the world’s most vulnerable populations.

“We must all work together as one global community – public and private sectors, as well as individuals – to address this healthcare and humanitarian crisis,” said Brian Moynihan, chairman and CEO of Bank of America. “ more...

2/20/20 9:00 am EST

Bank of America Community Development Banking (CDB) provided a record $4.88 billion in loans, tax credit equity investments, and other real estate development solutions, surpassing last year’s record of $4.7 billion. CDB delivers innovative financing solutions to help create affordable housing for individuals, families, seniors, students, veterans, the formerly homeless, and those with special needs. These efforts are part of the company’s commitment to deploying capital to address global issues outlined in the United Nations Sustainable Development Goals (SDGs).

Bank of America more...

12/16/19 9:00 am EST

Bank of America today announced the expansion of the Bank of America Institute for Women’s Entrepreneurship at Cornell. This unique online business certificate program connects women entrepreneurs to skills, knowledge and resources to build, manage and scale a successful business, while creating a vibrant network of women entrepreneurs and social innovators. Provided through Cornell University, an ivy-league institution, the program sets itself apart with instructor-led classes and limited class size.

Since its more...

11/15/19 10:00 am EST

Bank of America today announced it has invested more than $131 million this year in affordable housing in Greater Washington, D.C., bringing the total to $560 million in debt and equity financing since 2016. The bank’s most recent investment was on display at a groundbreaking for Randle Hill, a 195-unit affordable multifamily housing development in the Congress Heights neighborhood, for which the bank has invested $41.5 million in debt and equity with the Enterprise family of companies and Community Preservation and Development Corporation (CPDC more...

11/7/19 9:00 am EST

Bank of America, in partnership with Vital Voices, will bring together women leaders from around the world for the Global Ambassadors Program in Paris November 11-15. During this weeklong initiative, the program will highlight the role of women as drivers of economic growth and explore the ongoing needs and challenges that many women leaders face.

The Paris Global Ambassadors Program will pair a diverse group of women leaders from small businesses and social more...

10/25/19 1:18 pm EDT

As announced by New Profit, Bank of America has renewed its partnership with award-winning artist and activist John Legend's organization, FREEAMERICA, and New Profit as a continued founding partner of Unlocked Futures, an accelerator more...

3/28/19 5:00 pm EDT

The Bank of America Charitable Foundation today announced it will make the $1 million capstone grant to Museum Lab at Children’s Museum of Pittsburgh, completing the organization’s $18 million capital campaign. This funding enables Children’s Museum to renovate and transform the former more...

3/8/19 8:10 am EST

Bank of America is doubling its investment in the Tory Burch Foundation Capital Program, committing $100 million in capital to connect women small business owners to affordable loans. Since the Tory Burch Foundation Capital Program launched five years ago, more than 2,500 women entrepreneurs have received $46 million in loans through community development financial institutions (CDFIs) to help them grow and refine their businesses.

“We recognize that women entrepreneurs help fuel economic growth in communities across more...

2/6/19 2:30 pm EST

Bank of America Merrill Lynch Community Development Banking (CDB) provided a record $4.7 billion in loans, tax credit equity investments and other real estate development solutions, surpassing last year’s record financing of $4.53 billion. It deployed $3 billion in debt commitments and $1.7 billion in new equity investments to help build strong communities by financing affordable housing, charter schools and economic development across the United States. These efforts are part of the company’s commitment to deploying capital to more...

1/25/19 10:00 am EST

Bank of America, N.A. has issued its first social bond, highlighting the company’s commitment to deploying capital to address global issues outlined in the United Nations Sustainable Development Goals (SDGs). The bond’s proceeds will refinance the company’s investments in affordable housing and community development financial institutions (CDFIs).

With this offering, Bank of America becomes the first U.S bank to issue a social bond. The net proceeds will be used to help address pressing more...

1/15/19 9:35 am EST

Ally Financial, Bank of America and Barings, three of the leading financial services companies in Charlotte, announced a combined investment of $70.75 million for affordable housing in the city and surrounding area. This private investment marks the largest private-public initiative of its kind in Charlotte.

Ally CEO Jeff Brown, Bank of America CEO Brian Moynihan and Barings Chairman and CEO Tom Finke agreed to explore how each of their companies can help address some of the city’s biggest challenges that relate to economic mobility. Together, the companies are making a combined more...

1/2/19 10:00 am EST

Bank of America today announced that Raju Patel has been appointed market president, serving as the company’s enterprise leader in Denver.

As market president for Denver, Patel will work throughout the region to connect businesses, families and individuals to Bank of America’s banking, lending and investment teams. He will also lead the effort to direct the bank’s more...

11/8/18 12:00 pm EST

Today, Bank of America announced it is expanding its Neighborhood Builders® program and introducing a complementary program, Neighborhood Champions, to new cities in 2019 to support nonprofit leadership development across the U.S. The expansion marks the program’s 15th anniversary and coincides with additional investment in other environmental, social and governance (ESG) programs that address issues fundamental to economic mobility in the communities the bank serves, more...