EATONTOWN, NJ - The Bank of America Charitable Foundation has announced a $20,000 grant to the Affordable Housing Alliance (The Alliance), an Eatontown-based nonprofit organization dedicated to addressing the overwhelming need for quality, affordable housing in Monmouth County and throughout New Jersey. Through a national initiative designed to help improve access to affordable housing, provide financial education and coaching for future homeowners, and support organizations that contribute to the success of communities, the Bank of America Charitable Foundation has awarded more than $800,000 to 22 New Jersey nonprofits in 2013.
The Alliance provides a range of services designed to help families stay in their homes through difficult economic circumstances. Its program offerings include new homebuyer education, financial literacy training and mortgage counseling, rental housing search assistance, and programs designed to help families with overdue utility bills.
Following the devastating effects of Hurricane Sandy, the Alliance expanded its program offerings by helping displaced households find rental housing, providing replacements of items lost or damaged by the storm, and by matching individuals with long-term temporary and permanent affordable housing. The Bank of America grant will be used to support these initiatives.
“Bank of America is a key, long-time funder of the Affordable Housing Alliance,” said Donna Blaze, The Alliance’s Chief Operating Officer. “As we have developed new programs and services to meet the growing needs of economically-challenged households and communities, Bank of America has worked with us to make these programs possible. As we move forward with long-term recovery strategies in a post-Sandy era, we appreciate that our partnership with Bank of America will continue to help us to meet these needs.”
“Almost a year later, individuals and families are still feeling Sandy’s impact,” said Bob Doherty, New Jersey president, Bank of America. “Helping people get back on their feet by responding to their immediate housing needs continues to be a priority for us.”
In addition to more than $23 million in housing grants across the U.S., Bank of America addresses housing issues in a number of other ways including extending approximately $52 billion in mortgage loans in the first half of 2013 to more than 218,000 borrowers. Thirty-five percent of these loans have been made to low-to moderate-income individuals and families. Bank of America offers assistance and educational support to provide more transparency and clarity about the homebuying process, including working with more than 550 housing counseling agencies approved by the U.S. Department of Housing and Urban Development. Additionally, through its Community Development Banking business, Bank of America Merrill Lynch provided more than $1.6 billion in financing and equity commitments in the first half of 2013, which will help create more than 6,500 affordable housing units.