Innovative enterprise-wide initiatives are making a difference in our communities.
In 2004, Bank of America loaned and invested more than $12.4 billion to create affordable new homes for families and individuals, including the City View development in Orlando, Florida, above.
n Portland, construction begins on Oregon’s largest public housing development to create 850 new units of affordable housing on the site of a blighted complex built for World War II defense workers. In New York City, with the 2004 national elections in high gear, a world-famous square along Fifth Avenue is transformed into Democracy Plaza, a unique celebration of America’s democratic values. In cities across the nation, nearly 800 Bank of America associates partner with CHOICES, a nonprofit organization that challenges students to think about their futures, to teach 70,000 middle and high school students about the importance of their personal and academic decisions.
In the wake of devastating hurricanes in Florida and the unimaginable horrors of the tsunami in southern Asia, Bank of America pledges large grants, partners with relief agencies, mobilizes associates and marshals its banking centers to collect public donations.
These efforts to improve neighborhoods and people’s lives, while sharing Bank of America’s commitment to higher standards, are being replicated thousands of times across the bank’s nationwide footprint, driven by our 10-year commitment to lend or invest at least $750 billion in community development. From our signature initiative called Neighborhood Excellence to our new position as the “Official Bank of Baseball,” we are creating programs that transform our values into stronger, healthier communities.
Through our volunteer network, Team Bank of America, 100,000 associates provided 700,000 volunteer hours to 3,500 nonprofit organizations within our communities. Because Bank of America allows full-time associates to volunteer up to two hours per week of company time to such activities, many other associates also made significant contributions of their time to meet community needs in 2004.
With one of the largest philanthropic budgets of any corporation in the nation, our charitable investments in 2004 totaled $108 million. We have set a philanthropic goal of $1.5 billion over the next 10 years.
n Portland, construction begins on Oregon’s largest public housing development to create 850 new units of affordable housing on the site of a blighted complex built for World War II defense workers. In New York City, with the 2004 national elections in high gear, a world-famous square along Fifth Avenue is transformed into Democracy Plaza, a unique celebration of America’s democratic values. In cities across the nation, nearly 800 Bank of America associates partner with CHOICES, a nonprofit organization that challenges students to think about their futures, to teach 70,000 middle and high school students about the importance of their personal and academic decisions.