Bank of America partners with Habitat for Humanity to increase access to affordable housing
Bank of America announced September 28, a partnership with Indian River Habitat for Humanity, Habitat for Humanity of Martin County, and St. Lucie Habitat for Humanity to expand the reach of each organization’s affordable housing programs serving Treasure Coast residents.
The $32,500 invested by the bank will support each organization’s initiatives targeting different stages of the homeownership journey. Indian River Habitat for Humanity will use the grant to help replace or repair the roofs of least 12 Indian River County families as part of the organization’s Neighborhood Revitalization Program.
Habitat for Humanity of Martin County’s grant will help fund the organization’s latest affordable housing neighborhood in Hobe Sound. Construction for the 18-home Pettway project is expected to begin in 2022 and will also be completed in partnership with the Martin County Community Redevelopment Agency and the Board of County Commissioners.
St. Lucie Habitat for Humanity is utilizing Bank of America’s funding to support construction and repairs costs for St. Lucie County homeowners who earn 80% or less of the area’s median income. By July 2022, St. Lucie Habitat plans to build nine new homes utilizing a land trust model, and perform 20 critical repairs.
For years, Bank of America has teamed up with Habitat for Humanity and its local Treasure Coast chapters as part of their shared mission to help members of the community achieve the dream of homeownership. With volunteer opportunities limited due to the current health crisis, charitable grants and fundraising efforts are critical for Habitat and other local non-profits to address issues such as affordable housing that are fundamental to economic mobility.
“We believe in empowering people to achieve the dream of homeownership because when more members of the community realize their financial goals, our neighborhoods are transformed and we grow as a region,” said Doug Sherman, President, Bank of America Treasure Coast. “Our partnership with Habitat for Humanity will increase access to affordable housing in areas of the Treasure Coast and create meaningful solutions for the long-term economic gaps many residents are facing.”
In addition to receiving a new home, Habitat for Humanity partner families attend classes that prepare them for homeownership and teach them valuable skills that help stabilize the neighborhoods in which they live. After classes are completed, Habitat continues to support those families with ongoing counseling.