Bank of America Unveils Concerted Neighborhood Revitalization Effort in Lawrence, Massachusetts

LAWRENCE, Mass., Dec. 7 /PRNewswire/ -- Officials from Bank of America and local nonprofits today joined Massachusetts State Treasurer Timothy Cahill and Lawrence Mayor Michael J. Sullivan to announce the introduction of the company's America -- Block by Block(R) program in the City of Lawrence.

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America -- Block by Block(R) is a concentrated community development initiative, currently operating in four urban markets: Los Angeles, Calif., West Oakland, Calif., Washington, D.C. and Tampa Heights, Fla. The program brings several of Bank of America's resources to bear in designated urban neighborhoods. Through active community outreach and involvement, Bank of America aims to revitalize the neighborhood, creating demonstrable, positive results for residents and businesses.

"The concept of America -- Block by Block(R) is to deliver the full strength of Bank of America's product set and its extensive community development expertise in a specified neighborhood," said Robert E. Gallery, president, Bank of America Massachusetts. "Through this program, Bank of America will bring about positive change by providing direct economic stimulus to redevelop the community. We are thrilled to be an active participant in this great city's revitalization as we build close relationships -- quite literally -- block by block."

"While working with Bank of America on the Treasury's Job Growth Task Force, we recognized that the America -- Block by Block(R) program will add the global resources of the bank to an already active revitalization in the City of Lawrence," said Cahill. "We're pleased that Bank of America has chosen to bring this fantastic program to Massachusetts. Targeted redevelopment efforts, such as this one, will go a long way in further advancing the availability of affordable housing, small business development and economic vitality in the City of Lawrence."

The Lawrence America -- Block by Block(R) program will be delivered through five distinct channels in partnership with public and nonprofit partners in the city:

* Real Estate Development: Focus on major development of parcels throughout the designated area, as well as creation of affordable housing and open space improvements. * Mortgage Lending: Create homeownership opportunities and provide first- time homebuyer education and counseling. * Family Asset-Building: Support the economic stability of the community through financial literacy and training; and asset-building savings and investments programs for local residents. * Small Business Development/Technical Assistance: Focus on issuing loans under $250,000, business incubation and micro-enterprise lending. * Philanthropy/Volunteerism: Donate a minimum of $250,000 over five years to nonprofit partners, Lawrence CommunityWorks and Groundwork Lawrence, to support their work revitalizing local neighborhoods through affordable housing initiatives and open space development, while building the asset base of local families. Washington Mill Lofts Redevelopment

As a central element to the America -- Block by Block(R) deployment in Massachusetts, Bank of America today announced a $40 million investment in the development of Washington Mill Lofts -- a major rehabilitation of a historical complex in the Lawrence mill district. The 2.2-acre site will offer 155 loft- style rental units, with 10 percent reserved for low-income families. The property is located within the newly created Reviviendo Gateway Overlay District, a zone permitting the transition of vacant mill buildings into mixed-use development.

Washington Mill Lofts is the first major economic development project in the neighborhood and, through the Banc of America Community Development Corporation in partnership with Architectural Heritage Foundation, Inc., the first private housing investment in the Overlay district. With its close proximity to the newly constructed Patricia McGovern Commuter Rail Station, roughly 25 miles from downtown Boston, the project supports a viable transit alternative and housing at affordable prices.

The targeting of revitalization efforts to small business, housing and family asset-building reflects the neighborhood revitalization strategy being implemented in Lawrence under Sullivan's leadership.

"Bank of America has shown continued commitment through the years of my administration in helping to stabilize and enhance our North Common neighborhood and by investing in the housing and open spaces of our city," said Mayor Sullivan. "We are looking forward to working with the bank on this new phase of development in our Gateway District that will bring greater housing and economic opportunities for the residents of our city."

Community Partnerships

Bank of America will continue to work closely with two key nonprofits in Lawrence -- Lawrence CommunityWorks (LCW) and Groundwork Lawrence (GWL) -- to identify potential projects and programs within the designated neighborhood. As part of that partnership, Bank of America today committed a minimum of $250,000 in philanthropic funding to the organizations over the next five years.

Bank of America has partnered with LCW and GWL since 1999 in community development efforts, resulting in the transformation of Lawrence's North Common area and the beginnings of a Spicket River Greenway through North Lawrence.

"Bank of America understands that revitalization in this city is only going to come from the inside out, by building our family and community asset base," said Bill Traynor, executive director, LCW. "Our partnership with the bank has been critical to transforming both the physical environment and the landscape of economic opportunity for residents -- giving them an ownership stake in the city."

Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 55 million consumer and small business relationships with more than 5,700 retail banking offices, nearly 17,000 ATMs and award-winning online banking with more than 20 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange.