Bank of America Invests $900K to Support North Texas Nonprofits

The investment will support nonprofits in North Texas that focus on community needs such as affordable housing, community revitalization, small business, and the arts. The funds should help nonprofits already beleaguered by the COVID-19 pandemic to overcome the effects of inflation.

Bank of America announced that it has invested nearly $900,000 to support nonprofits in North Texas that focus on community needs such as affordable housing, community revitalization, small business, and the arts.

The funds should help nonprofits already beleaguered by the COVID-19 pandemic to overcome the effects of inflation.

“Dallas nonprofits dedicate their time and energy to solve the complex societal challenges, build up our neighbors in need, and promote economic advancement,” Jennifer Chandler, Bank of America Dallas president, said in a statement. “Philanthropic investments like these are just one way we deploy capital in the Dallas community to help drive economic opportunity and strengthen our community overall.”

Bank of America Fort Worth President Mike Pavell said that prioritizing need is critical.

“At Bank of America, we recognize that prioritizing our community’s needs is critical to empower all, especially our most vulnerable,” Pavell said in a statement. “We are committed to supporting organizations that lift up all Fort Worth individuals and families.”

The nonprofits that will benefit from Bank of America’s investment are:

  • 6 Stones Mission Network
  • Accelerated Foundation Inc.
  • Boys & Girls Club of Collin County
  • Bonton Farms Enterprises
  • Casa Mañana Inc.
  • Community Enrichment Center Inc.
  • Community Frontline of Fort Worth Inc.
  • Dallas Area Habitat for Humanity Inc.
  • Dallas Symphony Association Inc.
  • Denton Habitat for Humanity
  • Forest Forward
  • Fort Worth Symphony Orchestra Association
  • Impact Ventures Accelerator
  • Junior Achievement of the Chisholm Trail
  • On the Road Lending
  • Real Estate Council Community Fund
  • Safehaven of Tarrant County
  • Trinity County Habitat for Humanity
  • Tarrant County Homeless Coalition
  • United Way of Metropolitan Dallas Inc.

Bank of America highlighted two of the nonprofits.

Dallas-based Forest Forward works to fight the cause and effect of systemic inequities through neighborhood revitalization that focuses on accelerating the advancement of marginalized people. The Forest Forward Project drives the development of the South Dallas area via three elements: restoration of the historic Forest Theater; educational support services; and mixed-income housing.

Despite a robust and growing economy throughout Dallas, Bank of America said many families struggle to make ends meet. For example, in South Dallas, residents have a 24 percent homeownership rate, 22 percent live below poverty, a median income of $31,558, and 88 percent are people of color. The community there lacks access to basic needs such as jobs, affordable housing, food, healthcare, and broadband, Bank of America said.

By improving fundamental neighborhood conditions, families and children will gain a better chance of upward mobility, equity, and quality of life. Bank of America said the funding for Forest Forward will go toward creating a communications strategy, expanding volunteer recruiting, updating technology, managing the overall project development, and enhancing how outcomes are measured to ensure long-term viability.

In Fort Worth, Community Frontline works to mobilize and alleviate the suffering communities in that city.

Families in Tarrant County are experiencing a housing crisis, caused by a lack of inventory and insufficient and inaccessible legal support for those facing evictions, Bank of America said. Roughly half of those served by Community Frontline live in asset poverty, meaning they are unable to access enough month-to-month income to survive. In fact, one in four families spends 70 percent of their income on rent and utilities, according to the bank.

Bank of America said that County Community Frontline has a unique ability to make an impact through police-community relations and accountability, economic development and support, mentoring and education, and city beautification. County Community Frontline will use the Bank of America grant to fund the small business program, and the executive director and president role, who are integral in providing the direction for each program area.

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