Alliance Announced To Help Preserve Homeownership In Multicultural Communities

Communities across the United States have undergone significant economic change over the past several months. As a result, individuals and families are in need of information and support programs to help them during this challenging time. At times like this, it's critical to come together, identify viable solutions and offer those solutions to help communities.

As part of the $35 million neighborhood preservation and foreclosure prevention package announced last year, Bank of America introduced, on March 14, a 2.5 million Alliance for Stabilizing our Communities. With help from the bank, the alliance -- led by the National Urban League, the National Council of La Raza and the National Coalition for Asian Pacific American Community Development -- was created to assist multicultural homeowners facing foreclosure to identifying and procuring the best housing solutions.

To reach as many individuals and families as possible, 40 rescue fairs in 24 communities will offer home retention services. the fairs will provide extensive on site counseling services by alliance nonprofit partners, and use newly created multilanguage outreach materials.

Bank of America home retention associates will work with the nonprofits at the fairs to review loans and determine refinancing, modifications or other options. In addition, associates can support their communities by volunteering at a local rescue fair (see sidebar). Working with nonprofit affiliates, translators will be available for ethnic communities as needed.

In addition to the rescue fairs, the funding will be used to:

-Hire additional home retention counselors in local markets.

-Train new and existing counselors.

-Develop multilanguage marketing and outreach tools to reach families and inform them of events in their communities.

-Provide a new resource guide to help communities respond to foreclosure challenges.

"Bank of America understands the impact of the foreclosure crisis across our communities. Along with our nonprofit partners, the bank is committed to offering innovative solutions to help homeowners remain in their homes. The alliance demonstrates this commitment through outreach opportunities for our multicultural communities," said Global Community Impact Executive Andrew Plepler.

More and more help is out there for people who want it. Don't give things are getting better.