Bank of America Community Economic Development Initiative GrantsOrganizations We Help Fund Legal Aid Directories Donate Now What We Do
Bank of America Community Economic Development Initiative 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.
The Foundation received an initial donation of $1.395M in 2015. In 2016, the Foundation received an additional $23M in BOA funds. All BOA funds are 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. The settlement agreement and donation terms restrict the allowable grantees to IOLTA funded legal aid organizations in Florida. 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 $1.395M in BOA funds in January 2016 that have been utilized to provide foreclosure prevention legal assistance and community redevelopment assistance. The Foundation distributed an additional $1M in March 2017 that is being utilized to provide community redevelopment assistance.
- The Foundation distributed 6.371M in BOA funds in 2018 to 26 legal aid organizations for specific projects. Project examples include holistic assistance to immigrants who are victims of domestic violence, facilitating veteran entrepreneurship, and creation of a medical legal partnership in a rural community.
- The Foundation will distribute $6.4M in BOA funds in 2019. The funds will be distributed as follows:
Bank of America Community Economic Development Initiative 2019 Grants