Richmond, VA (Dec. 11, 2012) — Richmond Metropolitan Habitat for Humanity is one of 158 Habitat for Humanity affiliates across the country selected to receive a large quantity of property donations from Bank of America over the next three years.
These donated properties will be rehabilitated as a part of Richmond Metropolitan Habitat for Humanity’s new Habitat for Heroes program. Local heroes who are currently serving, were honorably discharged or are family members of the fallen, and who meet Richmond Habitat’s income and need for housing guidelines will purchase these homes.
Once completed, the qualified veterans and their families will move into their homes and will pay an affordable, 0% interest mortgage, will receive discounted pricing on their home and will not be required to pay a down payment.
“Richmond Metropolitan Habitat for Humanity is honored by the opportunity to serve those who have served and protected us during their time in the military. By providing safe, affordable homeownership opportunities to local veterans, we are able to do our small part in honoring the impact these courageous men and women have made on our lives,” said Jane Helfrich, CEO of Richmond Metropolitan Habitat for Humanity.
“We are so grateful for Bank of America’s commitment to providing safe, affordable housing in our community. Because of their generous support, we are able to make even more of an impact on our community,” said Helfrich.
So far, Richmond Metropolitan Habitat for Humanity has accepted seven local properties from Bank of America. Richmond Habitat anticipates acquiring several more homes for rehabilitation over the next three years. The homes are located in middle class neighborhoods with good school districts, ranging from a townhouse in Short Pump to a colonial style home in Midlothian.
Richmond Habitat is currently in the process of identifying and recruiting local veterans who qualify as Habitat partner families.
“Habitat and Bank of America share a mission of providing families in need of affordable shelter with the opportunity to enjoy the benefits of homeownership,” said D. Steve Boland, national mortgage outreach executive for Bank of America. “This initiative makes affordable homes available in partnership with the families at the same time that it combats neighborhood blight that may occur around vacant properties and helps to stabilize and revitalize communities.”
“Through our foundation, Bank of America has been a financial supporter of Habitat’s mission for 25 years, and this effort builds on that legacy and takes our partnership to another level,” Boland added.
In addition to the property donation program through Bank of America Home Loans, this year the Bank of America Charitable Foundation made grants totaling $22 million to nonprofits that support housing needs nationwide, including $3 million to Habitat for Humanity International and its affiliates. Since 2002, the foundation has contributed more than $22 million to Habitat’s work around the world, and bank employees annually contribute more than 30,000 volunteer hours to help rehabilitate and build homes.
Under the new strategic alliance, Habitat for Humanity affiliates across the country will turn up to 2,000 Bank of America donations of low-value and of-value distressed properties – vacant single-family residences or lots – into affordable housing.