Bank of America said Thursday that it will help distressed homeowners and new borrowers in the city of Chicago by applying $5 million in grants to local issues like homeownership preservation and affordable housing initiatives.
The banking platform and lender says $2 million in grant funding will support loss mitigation efforts to help stem the city’s rising tide of foreclosures, while $1,250,000 will benefit training initiatives that are designed to prepare Chicago residents for new job opportunities.

In addition, Bank of America pledged $1 million in financial assistance to help low-income families cover winter heating bills and $750,000 for programs designed to educate Chicago teens about the workplace and financial literacy.
“I don’t know of any other city in the nation where the relationship between government and business is stronger or more beneficial,” Chicago Mayor Richard Daley said in response to the Bank of America grant. “It’s a great source of our city’s strength that we have businesses like Bank of America who demonstrate their commitment to communities by improving the well-being and quality of life for all Chicagoans.”
The announcement arrives just two months after Bank of America purchased LaSalle Bank. In a press release, the company said Bank of America and LaSalle will continue to support Neighborhood Housing Services and its many Chicago initiatives.
“With housing needs on the rise, it is critical for Chicago residents to have adequate resources to avoid mortgage foreclosure,” said Bruce Gottschall, executive director of Neighborhood Housing Services. “Through Bank of America’s continued support, thousands of Chicagoans will be able to take advantage of foreclosure counseling services to sustain their homeownership dream.”