The Bank of America Charitable Foundation announced it is giving $290,000 in grants to seven nonprofits in the area with missions focused on housing and community development services.
Among the organizations getting grants are Charlotte-Mecklenburg Housing Partnership, Crossroads Corp., Davidson Housing Coalition, Habitat for Humanity of Charlotte, North Carolina Housing Coalition and the Affordable Housing Group of North Carolina.
Community Link also received money for programs that help individuals and families in Charlotte to get into affordable housing and not lose it when money gets tight. In Charlotte, renters spend a median of 22 percent of wages on rent, compared to 19 percent five years ago. Spending more of their income on rent means people have less to pay for basic living expenses including health care and food, experts say.
“More than 40 percent of working people in our region struggle to find and keep housing,” said Floyd Davis, president and CEO of Community Link. “Giving individuals and families the tools they need to ensure their housing and financial stability is a key to building stronger communities, and to a better future for everyone in the Charlotte region.”
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The grants are a larger philanthropic effort by Bank of America in Charlotte to help individuals and families build better money habits and find a path out of poverty. In addition to funding local nonprofits, Bank of America employees in Charlotte volunteered more than 200,000 hours of their time to a number of local causes, bank representatives said.
“If people can’t find an affordable place to live, they can’t begin to think about their overall financial security and future,” said Charles Bowman, North Carolina and Charlotte president for Bank of America.
“Our grants are one way that we’re working to connect individuals in our community to the resources they need to lead financially stable lives.”