Bank of America Community Economic Development Initiative Grants

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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. 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

1Legal Aid Foundation of the Tallahassee Bar Assoc.,000Two programs will be funded: Thunderdome Pro Bono Legal Services and Promise Zone Pro Bono Legal Services.
2Legal Services of North Florida, Inc.,163The Access Project, designed to reach rural populations, and the Tenants' Rights Project will be funded.
3Jacksonville Area Legal Aid, Inc.http://www.jaxlegalaid.org390,265Through the Region II Wealth Building Project, immigration, consumer, and sealing and expunging projects will be funded.
4Three Rivers Legal Services, Inc.http://www.trls.org211,548Funding will support the Ending Homelessness Project and the Home Sweet Home project, which will work with JALA on heir property issues.
5Brevard County Legal Aid, Inc.http://www.brevardcountylegalaid.org113,000The Survivors of Domestic Violence Advocacy Program holistically addresses the needs of domestic violence survivors.
6Community Legal Services of Mid-Florida, Inc.http://www.clsmf.org119,950The Foundation will continue to fund CLSMF's Medical Legal Partnership with Grace Medical Home.
7Legal Aid Society of the Orange County Bar Assoc.http://www.legalaidocba.org205,306The Cultivating Empowerment by Navigating toward Stability program will focus on financial education, sealing and expungement and tax issues.
8Seminole County Bar Assoc. Legal Aid Society, Inc.http://www.scbalas.org114,844The John Hamilton Domestic Violence Prevention Project provides expedited access to civil and family legal services for survivors and their children.
9Bay Area Legal Services, Inc.http://www.bals.org197,496The Senior Home Ownership Protection Program (SHOPP) helps vulnerable seniors maintain their housing.
10Gulfcoast Legal Serviceshttp://www.gulfcoastlegal.org304,289The Financial Stability Project will continue to address housing, public benefits, employment, child support and tax issues.