"At Bank of America, we’re guided by a common purpose to help make financial lives better. We’re delivering on this through our responsible growth strategy with a focus on environmental, social and governance (ESG) leadership. As part of this work, we develop strong partnerships with nonprofit organizations addressing issues fundamental to economic mobility and social progress in low- and moderate-income communities. In response to poverty and issues affecting social justice and racial and gender inequality, we focus on stabilizing individuals and families by ensuring their basic needs are met; addressing challenges, such as food and housing insecurity; and connecting individuals to pathways to succeed by building skills for 21st century jobs through education and workforce training. Central to this effort, we partner with nonprofits that are removing barriers for economic opportunity for vulnerable populations, including families struggling to make ends meet, opportunity youth, individuals living with disabilities, veterans, and those with significant barriers to employment, including those impacted by the criminal justice system. Our goal is to help transform communities in crisis into thriving neighborhoods that fuel economic growth and prosperity for all."
In 2020, the Bank of America Charitable Foundation will issue two requests for proposals (RFPs) on the priority focus area of Economic Mobility:
Economic Mobility Focused on the Needs of Individuals and Families
(Applications Accepted 1/27/2020 – 2/21/2020)
Hunger relief - local food banks, soup kitchens, school- and after-school-based child feeding and nutrition programs that provide free or subsidized food
Services for the homeless - programs and services that prevent or end homelessness, such as rental assistance, emergency shelter, rapid-rehousing, and permanent supportive housing, including Housing First
Family Stabilization and Crisis Prevention - affordable or subsidized care, transportation, mental health counseling, drug addiction rehabilitation, financial health education and coaching.
Youth employment - high-school completion programs, skills-training (hard and soft skills), first-time employment, internship, apprenticeship, and mentoring, especially for opportunity youth (those out of school and work).
Alternative pathways for meaningful employment for adults - job preparedness, training, skill building, college or vocational certification, career counseling, placement, job retention, and entrepreneurship opportunities for low- and moderate- income adults, especially those that need to up-skill or reskill toward livable wage careers.
Removing extraordinary barriers to employment - comprehensive support services and life skills programs that help individuals overcome extraordinary barriers to employment. This includes workforce social enterprise and other transitional or sheltered workplace environments for individuals such as persons with disabilities, formerly incarcerated or court involved.
Economic Mobility Focused on the Needs of the Community by Addressing Economic Development and Social Progress
(Applications accepted: 6/1/2020 – 6/26/2020)
Housing efforts addressing the needs of vulnerable populations (e.g. low- and moderate- income, homeless, elderly, formerly incarcerated) as they construct or preserve affordable single-, multi-family, transitional and supportive housing
Creating pathways to stable housing or home ownership through financial stability efforts such as home buyer education, budgeting, savings, credit and credit repair, including foreclosure prevention and loss mitigation
Sustainable development efforts creating healthy living environments through the pursuit of energy efficiency upgrades, retrofits, solar and other green building efforts
Economic development efforts that promote small business growth and healthy commercial corridors
Revitalization and place based initiatives that engage community stakeholders in the environmental health and economic growth of their communities (e.g. Choice Neighborhoods; Opportunity Zones; transit-oriented development; and connecting individuals to jobs, services, schools, and economic opportunity.)
Funding to support neighborhood preservation efforts which strengthen overall community health, safety and welfare.
Supporting the construction of vital community facilities (e.g., affordable health and treatment centers) delivering critical services to the community’s most vulnerable residents
Strengthening the resiliency of communities through the initiatives that support local plans to prepare, withstand and recover from extreme weather events and the long-term impacts of climate change
Supporting community arts and cultural institutions that provide economic opportunity and contribute to the vitality and livability of communities
Supporting community greening efforts that create healthy neighborhoods and environmental sustainability through the preservation, creation or restoration of open space, parks and community gardens
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