Bank of America announced $532,500 in grants to more than 40 nonprofits that help address the needs of those at risk for or experiencing homelessness across San Diego. The grants focus on increasing access to shelter and wraparound supportive services, in addition to job skills, education and other basic needs that are fundamental to establishing financial stability.
San Diego has the fourth largest homeless population in the United States according to the U.S. Department of Housing and Urban Development. More than 9,100 people are homeless, a 5% increase from the previous year. In a recent Kiplinger Report San Diego is the 10th most expensive city in the United States with cost of living 46.1% above the national average and 138% higher housing costs. In addition, 15.6% of all City of San Diego residents (212,994) live below the federal poverty threshold.
The nonprofits receiving funding helps put underserved residents in San Diego counties on a path to economic sustainability by increasing access to emergency and short term supportive housing as well as basic needs like food and hygiene, in addition to services connecting youth to first-time jobs, providing alternative pathways to employment and helping people overcome past hardship in their careers, so that they can get on a path to financial stability.
“So many people are just one life event away from being homeless or needing to depend on basic needs services such as food banks or shelters. But through strategic philanthropic investments into San Diego’s incredible nonprofit network addressing fundamental services like hunger relief, shelter and education, Bank of America can deploy capital to advance more economic opportunities in the region,” said Rick Bregman, San Diego Market President for Bank of America.
One of the grantees, HomeAid San Diego, will use the funding to rebuild lives for San Diego's homeless through their housing development and community outreach programs. HomeAid's program identifies charities in the community working to help the homeless that need additional facilities in which to house people and provide programmatic resources such as job skills training and financial counseling, as well as physical and emotional support. HomeAid then finds builders who are willing to take on these projects and build them at a deep discount by enlisting their trade partners to give their time and materials as in-kind donations.
“HomeAid San Diego is honored to receive this grant from Bank of America to expand our Housing Development Program in which we partner with homeless service providers to build more beds for the homeless populations they serve in our San Diego communities”, said Alexis Parker, Executive Director of HomeAid San Diego. “We look forward to enhancing our relationship with Bank of America in the future as we work together to address the homeless crisis here in San Diego.”
These grants are part of the company’s commitment to responsible growth as it works to improve the financial lives of individuals and families. Philanthropic and volunteer investments play a key role in this effort to build thriving communities. Last year, Bank of America volunteers logged nearly 18,000 volunteer hours in the San Diego market alone.