Bank of America

In 2005, Bank of America renewed its grant to LISC for $3 million over three years to support LISC programs in 19 cities – San Francisco/Bay Area, Chicago, Connecticut Statewide, Hartford, Houston, Jacksonville, Greater Kansas City, Los Angeles, South Florida, Greater Newark & Jersey City, New York City, Philadelphia, Phoenix, Rhode Island, San Diego, Tampa Bay, Virginia (formerly Richmond), Washington, DC, and Washington State/Impact Capital – and rural areas across our nation through Rural LISC.

This new commitment highlights and continues Bank of America's strong partnership with LISC over the past quarter century. Of the funding, Douglas Woodruff, Community Development Executive for Bank of America said: "Together, LISC and Bank of America share a dedicated focus on innovative ways to strengthen grassroots efforts to stimulate economic development." Michael Rubinger, LISC's President and CEO said: "This grant provides critical support for LISC's ongoing efforts across the country to enhance the ability of community development organizations to envision and realize ambitious neighborhood renewal initiatives."

With more than $715 million in grants, loans and equity investments over 25 year, Bank of America is not only one of LISC strongest financial supporters but also provides tremendous executive leadership to LISC. Mr. Woodruff serves on the LISC Board of Directors; Stephen Fitzgerald, Senior Vice President at the Bank chairs the Rural LISC Advisory Committee; and Phyllis Caldwell, President of Bank of America’s Community Development Banking serves on the Board of the National Equity Fund. Moreover, 27 other local bank executives take part in local LISC advisory committees in 19 cities.

Bank of America commitment to community economic development is a major industry force. It has committed to investing $750 billion over the next ten years and recently Bank of America’s Chairman and CEO Ken Lewis established a new 24 member National Community Advisory Council to address critical issues affecting affordable home ownership, economic development and the revitalization of distressed and under-served communities. Michael Rubinger serves on this council along with other national leaders including Boston’s Mayor Thomas M. Menino; Lisa Richter, Fund Advisor for National Community Investment Fund; and Janet Murgia, President/CEO, National Council of La Raza.

Bank of America’s investment in LISC shows up in many places. Two recent examples are: the Westfield Lofts, a mixed-income housing project in Rhode Island and MerryPlace, a new development with the West Palm Beach Housing Authority that will provide 240 units of workforce housing as well as 112 home ownership units. These are but two of the hundreds of affordable housing, retail development, charter schools and other efforts that Bank of America supports in cities and rural areas across the country.