Bank of America Foreclosure Prevention and Community Redevelopment Grants

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Bank of America Foreclosure Prevention and Community Redevelopment Grants

In the Summer of 2014, Bank of America (BOA) and the Department of Justice (DOJ) came to a $16.65 billion settlement agreement whereby BOA agreed to resolve federal and state claims against Bank of America and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. As part of the settlement, BOA agreed to make donations to state-based Interest on Lawyers’ Trust Account (IOLTA) organizations that provide funds to legal aid organizations, to be used for foreclosure prevention legal assistance and community redevelopment legal assistance. Funds were allocated to each state based upon the federal poverty census data and formula used by the Legal Services Corporation. There have been 3 distributions of settlement funds to The Florida Bar Foundation:

  • The Foundation distributed $1 .395M in BOA funds in January 2016 that have been utilized to provide foreclosure prevention legal assistance and community redevelopment assistance.
  • In 2016, the Foundation received an additional $23M in BOA funds to be utilized to support legal aid organizations that provide foreclosure prevention legal assistance and community redevelopment assistance. These funds are being utilized to support grantee organizations in a number of ways including, but not limited to: 1) capacity building, technical assistance, and program related support and 2) as grant funds to applicant organizations. Funds will be utilized over a period of approximately 3-4 years and will follow administrative processes developed and determined by Foundation staff that are consistent with the Foundation’s Grantmaking policies. The Foundation distributed $1M in March 2017 that have are being utilized to provide community redevelopment assistance. The funds were distributed as follows:

Bank of America Community Redevelopment Grants