LAS VEGAS (KXNT) – Bank of America on Tuesday announced $117,000 in economic mobility grants to be awarded to eight non profits working on community revitalization efforts in the Las Vegas community. These non profits provide solutions addressing a range of economic development issues from affordable housing and small business microloans, to arts and cultural programming.
As the cost of living continues to increase across Southern Nevada, with the Greater Las Vegas Association of Realtors reporting double digit home sale price increases over last year along and the National Low Income Housing Coalition noting Las Vegas as having the biggest shortage of affordable housing available for rent, resources like those provided by the grant recipients can help bridge the affordability gap.
“The growing gap between housing cost and wages is one of the biggest obstacles to economic growth impacting neighborhoods, so these grants support non profits working to remove barriers contributing to that gap. By helping with housing costs, small business capital and sustainable workforce opportunities, we can take a community-wide approach to economic revitalization in Southern Nevada,” said Al Welch, Las Vegas market president, Bank of America.
Among the non profits receiving grants is Financial Guidance Center, which will use the funding to support programs such as A Home of My Own, a first time home buyer counseling, coaching, education and down payment assistance program.
“In partnership with Bank of America, and through A Home of My Own, we weill be able to continue promoting economic security through financially responsible behavior to all consumers, regardless of the ability to pay,” said Michele Johnson, President and CEO of Financial Guidance Center. “Through the grant funding and volunteer support from Bank of America, we look forward to meeting the needs of the Las Vegas community and creating even great impact,” Johnson said.
Organizations receiving community development grants include: Accion, Blind Center of Nevada, Consumer Credit Counseling Service/Financial Guidance Center, Joy Prom Las Vegas, Las Vegas Natural History Museum, Nevada HAND, The Smith Center for the Performing Arts and Women’s Development Center.
Advancing economic mobility through community development partnerships is just one example of Bank of America’s commitment to responsible growth and shared success as it works to improve the financial lives of people and families in Las Vegas. Philanthropic and volunteer investments play a key role in building thriving communities. In 2016 alone, local Bank of America employees volunteered more than 11,000 hours with Southern Nevada non profits.