Bank of America awarding $38,000 in grant funding to support homeownership programs of local Habitat affiliates
Sarasota, Fla. – Bank of America today announced a partnership with Habitat for Humanity Sarasota, Habitat for Humanity South Sarasota County, and Manatee County Habitat for Humanity to expand the reach of each organization’s affordable housing programs serving Sarasota-Manatee residents.
The $38,000 invested by the bank will support each organization’s initiatives targeting different stages of the homeownership journey. Habitat for Humanity Sarasota will use the grant to help families avoid substandard and overcrowded living situations by providing mortgages that do not exceed 30% of an owners’ household gross monthly income. Additionally, this funding will enable the organization to renovate a family’s home in Jordan’s Crossing.
Habitat for Humanity South Sarasota County’s grant will help the organization build eight safe, affordable and energy-efficient homes for residents. The chapter serves families and individuals who earn 50% to 80% of the area’s median income, and projects like this are critical to helping its client base achieve homeownership. Manatee County Habitat for Humanity is also using Bank of America’s funding for the construction costs of a new house for a family in Bradenton. Their home will also feature sustainable and energy efficient upgrades to reduce home maintenance costs.
For years, Bank of America has teamed up with Habitat for Humanity and its local Sarasota-Manatee affiliates as part of a shared vision that Everyone Deserves a Decent Place to Live. With volunteer opportunities limited due to the current health crisis, charitable grants and fundraising efforts are critical for Habitat and other local non-profits to address issues such as affordable housing that are fundamental to economic mobility.
“Connecting people with the resources they need to achieve financial goals such as homeownership helps transform communities into thriving neighborhoods and fuels regional growth,” said Mike McCoy, President, Bank of America Sarasota-Manatee. “Yet, homeownership has become increasingly unattainable for areas where systemic, long-term gaps have existed. We are working with Habitat for Humanity to reverse that trend and build more sustainable communities in Sarasota-Manatee.”
In addition to providing an affordable mortgage, Habitat for Humanity partner families attend classes that prepare them for homeownership and teach them valuable skills that help stabilize the neighborhoods where they live. After classes are completed, Habitat continues to support those families with ongoing counseling.
About Bank of America:
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).
About Manatee County Habitat for Humanity:
Manatee County Habitat for Humanity is a non-profit, ecumenical, volunteer-based organization with the mission to provide opportunities for affordable home ownership, to help keep families safely in homes, and to build better communities benefiting both homeowners and local businesses.
Manatee County Habitat for Humanity is driven by the vision that everyone deserves a safe place to live. Habitat homeowners help build their own homes alongside volunteers and pay an affordable 0% interest mortgage. Through financial support, volunteering, or adding a voice to support affordable housing, everyone can help families achieve the strength, stability, and self-reliance they need to build better lives for themselves. To learn more, visit manateehabitat.org.
Manatee Habitat will soon be breaking ground on Poling Gardens, a 16 home green community in Samoset. The Poling Family reached out to Manatee Habitat several years ago indicating they wished their former tomato farm to be utilized for helping families improve their lives. The plan to build housing in this area fits with our goal to provide affordable housing opportunities in neighborhoods looking to increase the financial stability of their residents.
Manatee Habitat Restore
A division of Manatee County Habitat for Humanity, Manatee Habitat ReStore is a nonprofit home improvement store and donation center that sells new and gently used home furnishings, building materials, and appliances. Profits from the ReStore are used to help Manatee Habitat build more affordable housing in Manatee County. The Manatee Habitat ReStore is located at 5108 15th St E in the City of Bradenton, on State road 70. To donate, just drop off your gently used items at the ReStore or call Manatee Habitat to schedule a free pickup at (941) 355-7082.