Bank of America Corp. is inviting nonprofit groups working to address the nation's continued housing troubles to apply for grants.
The Charlotte lender's charitable foundation is committing $15 million to housing-related programs and services, including foreclosure counseling, neighborhood stabilization and affordable housing efforts, the bank said today.
Bank of America has long supported programs targeting housing, jobs and hunger, "three areas critical to helping strengthen local economies and stimulate the economic recovery," it said. Since 2010, for instance, it has given more than $50 million in grants and other investments to nonprofits providing homeowner retention programs, transitional services and revitalization efforts in low- and moderate-income communities.
The nation's second-largest bank by assets - which continues to struggle with mortgage-related troubles inherited from its 2008 purchase of Countrywide Financial Corp. - is taking other steps to help homeowners: It has modified more than 1 million loans since January 2008, for instance, and has participated in more than 800 mortgage outreach events since January 2009.
Last month, Bank of America said it would reduce the amount owed by as many as 200,000 underwater homeowners as part of the foreclosure settlement between government officials and the nation's largest mortgage servicers announced earlier this year.
Bank of America is accepting grant applications today through April 30. For more information or to apply, visit www.bankofamerica.com/foundation.