DCRAC housing clinic awarded $50,000 from Bank of America
The Delaware Community Reinvestment Action Council Inc. has announced that its housing clinic received a $50,000 grant from Bank of America.
“As we provide homeowners with counseling and assistance through modifications, refinancing or an exit with dignity, DCRAC does its part to stabilize the housing crisis one household at a time,” said Rashmi Rangan, DCRAC’s executive director. “Through this grant, Bank of America’s investment in our organization will enable us to continue to build the financial wealth of our community.”
Rangan continued, “Bank of America’s $50,000 funding will help us reach out to our target community and provide them financial education, support during the loan modification process, explore an exit strategy should it become necessary and support them with re-housing. Stable, affordable housing and home ownership are the cornerstones of financial prosperity for individuals and communities.
“The grant we received is part of a $23 million philanthropic investment by Bank of America to build and rehab affordable housing, offer foreclosure prevention services and homeowner counseling, and provide other services intended to invigorate and rejuvenate neighborhoods.”
DCRAC is a tax-exempt, nonprofit organization whose mission is to ensure equitable treatment and equal access to credit and capital for the underserved populations and communities throughout Delaware through advocacy, education, legislation and outreach.