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