Innovative new funding helps low

Connecticut Statewide LISC
FOR IMMEDIATE RELEASE
Contacts:
Andrea Pereira, LISC: 860-525-4821
T.J. Crawford, Bank of America: 646-855-3301
Innovative new funding helps low-income families,
attracts businesses to Connecticut’s urban
neighborhoods
Hartford, CT (June 4, 2014) — A new national funding program is lifting the prospects of
some of Connecticut’s urban neighborhoods with new businesses and jobs, quality
affordable housing and help for families who need to stabilize their financial outlook and
build economic opportunity.
This week, Bank of America announced an expanded national partnership with a $3.75
million grant to the Local Initiatives Support Corporation (LISC). This partnership directs
$60,000 in grants to Connecticut Statewide LISC to support revitalization and affordable
housing in neighborhoods of Connecticut’s cities to improve the quality of life and expand
economic opportunity.
These funds will support LISC’s technical and financial assistance to support revitalization in
neighborhoods like New Haven’s Newhallville and Stamford’s Southend and Bridgeport’s
Southend. In Stamford, LISC has helped New Neighborhoods, Inc., build a beautiful rental
development close to the train station in Stamford’s Southend, replacing an entire block of
blighted buildings and creating an opportunity for families, elderly and veterans of all
incomes to share in the growing prosperity of the neighborhood. In New Haven, LISC is
helping Neighborhood Housing Services offer opportunities to low and moderate income
families by transforming blighted properties into beautiful homes in Newhallville, providing
homeowner education to help first-time homebuyers succeed, and helping residents take to
improve community safety. In Bridgeport, LISC is working with Bridgeport Neighborhood
Trust to rehabilitate blighted properties into quality affordable rental and homeownership
housing.
“Growing strong communities takes many tools and partners.” noted Andrea Pereira,
Executive Director of Hartford & Connecticut Statewide LISC. “We have to build better
housing and schools. We have to nurture new businesses and improve safety. We need to be
tackling all those issues simultaneously to create economic opportunity so people can live
better. Bank of America is helping make sure we can do that.”
In fact, the bank has been working with LISC for three decades to revive disadvantaged
neighborhoods, including a long-time commitment to Bridgeport, New Haven and Stamford
communities.
“When we bring our reach and resources to a respected partner like LISC, together we have
the power to provide the greatest impact for the communities we serve,” said Kevin
Cunningham, Bank of America Connecticut president. “An example is our work with
Bridgeport Neighborhood Trust to restore blighted and foreclosed buildings into homes for
low- and moderate-income families.”
In all, 20 urban areas where LISC works will directly benefit from $3.75 million in new
funding, including LISC’s statewide program in Connecticut. Since 1980, Bank of America
and LISC have collaborated on $1.2 billion in grants, loans and equity investments, all
focused on the needs of disadvantaged people and places.
About LISC
LISC combines corporate, government and philanthropic resources to help nonprofit
community development corporations revitalize distressed neighborhoods. Since 1980, LISC
has invested $12.9 billion to build or rehab 298,300 affordable homes and apartments and
develop 49 million square feet of retail, community and educational space. For more, visit
www.lisc.org.
About Bank of America
Bank of America is one of the world's largest financial institutions, serving individual
consumers, small businesses, middle-market businesses and large corporations with a full
range of banking, investing, asset management and other financial and risk management
products and services. The company provides unmatched convenience in the United States,
serving approximately 49 million consumer and small business relationships with
approximately 5,100 retail banking offices and approximately 16,200 ATMs and awardwinning online banking with 30 million active users and more than 15 million mobile users.
Bank of America is among the world's leading wealth management companies and is a global
leader in corporate and investment banking and trading across a broad range of asset classes,
serving corporations, governments, institutions and individuals around the world. Bank of
America offers industry-leading support to approximately 3 million small business owners
through a suite of innovative, easy-to-use online products and services. The company serves
clients through operations in more than 40 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.