Bank of America Foreclosure Prevention and Community Redevelopment Grants

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For more information contact Kate York.

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. The Florida Bar Foundation received $1,395,699 from the national settlement to be used solely for “foreclosure prevention legal assistance and community redevelopment legal assistance.” The settlement agreement and donation terms restrict the allowable grantees to IOLTA funded legal aid organizations in Florida. The Foundation accepted applications for one-year, one-time foreclosure prevention legal assistance grants and one-time, two-year community redevelopment grants.

Current grants