Bank of America today announced it has awarded $450,000 in grants to thirteen Las Vegas nonprofits.
This latest round of philanthropic investments supports nonprofits that focus on broad community needs such as affordable housing and neighborhood revitalization efforts to grow small businesses and maintain environmental resiliency.
In Las Vegas, the lack of affordable housing has been building for years was exacerbated by the COVID-19 pandemic. According to the National Low Income Housing Coalition, the state of Nevada ranks last in the nation when it comes to affordable housing availability for extremely low-income households, meaning those who earn 30 percent or less of the area median income.
The rising cost of living has also emphasized the need for affordable, safe and stable housing for our community’s overall well-being, including health, educational success and future employment opportunities.
By supporting the efforts of nonprofits focused on sustainable construction, preservation of housing developments, minority homeownership programs and building pathways to stable homeownership through financial literacy and education, affordable housing is more accessible in Las Vegas.
One of the grant recipients, Habitat for Humanity Las Vegas focuses on revitalizing and stabilizing neighborhoods in the Las Vegas community that cannot support private development. Through their Homeownership Program, they build single-family homes throughout Clark County for working families earning less than 80% of Area Median Income. The home is sold at no profit through a zero-interest mortgage. The grant from Bank of America will help cover project materials and infrastructure costs for the construction of a home for a family in need.
Small businesses are essential to the overall health of the nation’s economy, creating jobs and anchoring our community. As small businesses continue to battle inflation and supply chain disruptions, investments in Las Vegas nonprofits are critical to support local entrepreneurs, especially minority- and women-owned businesses, to help them balance short-term needs with long-term growth and resiliency.
Another grant recipient, The Latin Chamber of Commerce Community Foundation (LCCCF), works to foster and develop future business and financial leaders, particularly those in the Hispanic community. Data from the National Center for Education Statistics shows that the Hispanic educational attainment rate is the lowest among the major racial categories. The TIAA Institute found that personal finance knowledge among Hispanics is lower than that of the U.S. adult population. The Bank of America grant will help fund operational support for the LCCCF’s Business Entrepreneurial Leaders Program and their efforts to support, educate and help build better business leaders in the Hispanic community.
Other organizations receiving grants include: 100 Black Men of Las Vegas, Inc., CPLC Nevada, Inc., Dreamspring, Golden Rainbow of Nevada, Green Our Planet, Nevada Business Opportunity Fund, Rebuilding Together Southern Nevada (RTSNV), Spread the Word Nevada, Nevada Youth Challenge, Asian Community Development Center and SCORE.
“This second round of grants in Las Vegas builds upon our efforts to strengthen broader community vitality,” said Al Welch, president, Bank of America Las Vegas. “Continuing to develop strong partnerships with these nonprofits is a key to driving economic mobility and social progress.”
These grants build on the nearly $500,000 in grants that Bank of America has awarded so far this year in Las Vegas.
Since 2020, Bank of America has awarded more than $3 million in grants to Southern Nevada nonprofits. These grants are part of the company’s commitment to responsible growth as it works to improve the financial lives of individuals, families, and communities.
Additional background about Bank of America’s Charitable Foundation giving can be found here.
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