The bank will donate up to 2,000 vacant properties for renovation or reconstruction over the next three years. This is the largest one-time donation the non-profit has ever received.
“These donations can make a dramatic difference for so many Habitat affiliates, increasing their suitable property inventory. Habitat can repair and rehabilitate vacant houses where appropriate and build new houses where necessary, partnering with low-income families in need of affordable housing. Neighborhoods will be healthier, families will be able to build on a strong foundation of stable homes and entire communities will benefit from inviting and thriving places to live,” said Jonathan Reckford, CEO of Habitat for Humanity International in a release.
This is the latest example of Bank of America’s charitable giving. The bank has made grants totaling $22 million to nonprofits through its Bank of America Charitable Foundation, including $3 million to Habitat for Humanity International and its affiliates.
Not only will Bank of America donate the homes for the organization, but it will also pitch in for the demolition costs associated for any home razed to make way for new construction.
“Habitat and Bank of America share a mission of providing families in need of affordable shelter with the opportunity to enjoy the benefits of homeownership,” said D. Steve Boland, national mortgage outreach executive for Bank of America in a statement. “This initiative makes affordable homes available in partnership with the families at the same time that it combats neighborhood blight that may occur around vacant properties and helps to stabilize and revitalize communities.”
A portion of the properties donated by Bank of America will be included in the bank’s recent commitment to make up to 1,000 properties available to nonprofit organizations providing housing opportunities for military veterans, and others will be targeted to provide relief for families affected by disasters, according to the statement.