Bank of America Announces $950,500 Investment into 26 Tucson Nonprofits
Bank of America has announced $950,500 in grants to 26 Tucson nonprofits to help drive economic opportunity for individuals, families and communities.
The funding advances greater opportunity for individuals charting a path to employment and better economic futures, access to critical needs for creating lifelong stability as well as services related to affordable housing, small business support and neighborhood revitalization.
Specifically, funding goes toward programs focused on supporting workforce development; lowering barriers to employment; increasing diverse talent in nonprofit leadership; and providing family stability through access to critical services, creating more affordable housing, improving access to capita and neighborhood revitalization.
The barriers to homeownership are already significant but in Pima County specifically, there are about 156,000 lower income households, making up 40% of all households, of which many continue to face discrimination based on race. With gentrification reducing the number of available affordable units in Tucson and current market dynamics, where supply is reduced and there are fewer closings, Tucsonans need more resources and guidance.
Bank of America awarded Family Housing Resources as one of its grant recipients. FHR is a local nonprofit providing the guidance and tools individuals and families need to achieve financial freedom. FHR offers homebuyer education and counseling in both English and Spanish, down payment assistance, and emergency COVID-19 housing support.
Since 1991, FHR has assisted over 12,000 households in purchasing a home, in addition to owning and managing affordable multi-family rental properties. The Bank of America grant will help FHR provide housing support and homeowner readiness counseling and expand financial literacy education to help more individuals chart a path to long term economic mobility through homeownership.
“Tucsonans are facing an exacerbated and challenging market to secure homeownership. Due to the impacts of the COVID-19 pandemic, we have seen an increase in those seeking assistance primarily for housing, but also for utilities and food resources,” said Meghan Heddings, FHR’s executive director. “By expanding our financial literacy education programming, we can help more clients overcome these difficulties, and this grant makes that possible.”
Employment is one of the key economic drivers in Tucson and employers are increasingly reliant on a technically skilled workforce, especially with the rising presence of tech companies and electric vehicle and battery manufacturers. University-level education is one essential pipeline, as well as the skilled trades, which are needed more than ever to help drive business growth.
Bank of America focuses on building pathways to employment through investments in workforce development and educational services that will help create greater economic mobility thousand remove barriers to employment. The local organizations supported by these grants are creating transformational change by delivering resources to individuals and families and adapting their services to meet the needs of Tucson’s economy.
“We direct our philanthropic investments to local nonprofit partnerships that help build a stronger, more equitable and resilient Tucson for individuals, families and the community as a whole,” said Adriana Kong Romero, President, Bank of America Tucson.
“These grants are shaped by needs identified locally and represent Bank of America’s commitment to helping drive greater economic opportunity, stability and social progress in our community.”
Other organizations receiving grants include: AARP Foundation, Aspen Institute, Easter Seals Blake Foundation, El Rio Health Center, Excelencia in Education, Pima Community Land Trust, Habitat for Humanity, The Primavera Foundation, Tucson Clean and Beautiful, Inc., Growth Partners Arizona, Big Brothers Big Sisters of Southern Arizona Incorporated, Community Food Bank Inc., Girl Scouts of Southern Arizona, Jobpath Inc., Jobs for the Future, Literacy Connects, Youth on Their Own, YWCA of Southern Arizona, Pima Community College, B’nai B’rith Covenant House of Tucson Inc. AKA: Tucson’s Covenant With The Elderly, Interfaith Community Services, Mobile Meals of Southern Arizona, Tucson Center for Women and Children AKA: Emerge Center Against Domestic Abuse, Goodwill of Southern Tucson and United Way of Tucson and Southern Arizona Inc.