Bank of America donates to Central Valley groups fighting foreclosures

SACRAMENTO
February 28, 2008 11:03am

Nonprofits working with mortgage-distressed homeowners in the city of Stockton as well as Kern and Sacramento counties in the Central Valley and the Inland Empire in Southern California will share in $250,000 in grants from the Bank of America Charitable Foundation.

The markets have the highest concentration of home foreclosures in California and are among the nation's highest.

The money is in addition to the foundation’s earlier grant of $500,000 to the new California Home Ownership Preservation Initiative led by the California Reinvestment Coalition.

The grants will support post-purchase education, mortgage loan workouts, and other efforts that help families stay in their homes and avoid foreclosure, the bank says.

Bank of America is part of Project Lifeline that provides a 30-day grace period for delinquent homeowners, and is supporting foreclosure prevention workshops in Stockton, Sacramento, Riverside, Los Angeles and San Diego.

The funds help the following nonprofits manage increased case work demands resulting from rising foreclosure mitigation needs:

• Visionary Home Builders, based in Stockton, received $70,000 to provide post-purchase and mortgage default counseling for homeowners in the Central Valley.

• NeighborWorks HomeOwnership Center - Sacramento Region, received $65,000 to provide foreclosure prevention services for homeowners in Sacramento County.

• Self Help Enterprises received $50,000 to provide mortgage default counseling to homeowners in Kern county.

• Springboard, based in Riverside, received $65,000 to offer mortgage default and foreclosure prevention services for homeowners across the Inland Empire.

"As the largest bank in California, we understand how foreclosures can affect all homeowners. These grants provide an immediate infusion of support to those nonprofits on the front lines working to save people's homes," says Janet Lamkin, president, Bank of America California.