This is what we're doing.
We're supporting small businesses, helping customers with financial challenges and strengthening our communities through lending and investing programs and philanthropic initiatives.
Here are examples of how we supported the economy in 2011 and continued to serve our customers, clients and communities.
Extended $557 billion in total credit
Modified more than 1 million mortgages since 2008
Originated $152 billion in first mortgages, including $35 billion for low- and moderate-income customers
Financed $3.6 billion globally to address climate change
Provided more than $200 million globally in corporate philanthropy
The Bank of America CSR Report highlights the company's efforts to promote global fairness and transparency in its products and services; lending and investing activities in underserved communities; community-focused
philanthropic investments; and company and customer-focused environmental initiatives.
View the Bank of America CSR Report.
A. Connecting workers to 21st-century jobs. To connect individuals to meaningful employment opportunities, in 2011 we announced a three-year, $50 million philanthropic goal to support education and workforce development as part of our 10-year, $2 billion giving goal. This will help the unemployed, veterans and youth access and complete post-secondary degrees in community colleges and gain skills through job training initiatives, such as the program offered by FareStart in Seattle.
B. Creating green jobs for veterans and families. We're working with our client SolarCity on Project SolarStrong — the first residential solar power project of its kind. SolarStrong is expected to create more than $1 billion in solar projects, thousands of jobs and up to 300 megawatts of energy through the installation of rooftop solar panels to as many as 120,000 U.S. military residences across the country.
C. Supporting low- and moderate-income communities. Since 2009, we have committed more than $460 billion toward our 10-year, $1.5 trillion community development lending and investing goal. We invested in Oakwood Shores Senior Apartments in Chicago to help create 3,000 affordable rental and for-sale housing units and much-needed services for elderly residents, as well as new parks, schools and retail facilities.
D. Expanding access to capital for small businesses and underserved communities. Our $12 million Community Development Financial Institution grant program has allowed nonprofit lenders to serve 8,700 local businesses, including the Tracy Optometry Group, Inc., owned by Dr. David Moline and Dr. Brian Yee, who received a low-cost loan to modernize and expand their full-service optometrist practice in Tracy, Calif.
E. Meeting critical needs. To help individuals struggling with basic needs, we made nearly $6 million in emergency safety net grants and extended customer donations through our Gift for Opportunity™ fund, helping to provide 26 million meals to the hungry. And in 2011, our employees donated 1.5 million volunteer hours globally, building affordable housing, providing financial education, and packing food at organizations like the Houston Food Bank.
F. Reducing our emissions. After reducing our greenhouse gas emissions by 18 percent between 2004 and 2009 — twice our original target — we've established a new global 15 percent reduction target for 2015. We are reducing our energy use and pursuing LEED® (Leadership in Energy and Environmental Design) certification in 20 percent of our corporate real estate, like 1 Bank of America Center in Charlotte, N.C.