Bank of America 2004 Annual Report Download - page 25

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N PORTLAND, CONSTRUCTION BEGINS ON OREGON’S LARGEST PUBLIC HOUSING DEVELOPMENT TO
create 850 new units of affordable housing on the site of a blighted complex built for World War II defense
workers. In New York City, with the 2004 national elections in high gear, a world-famous square along Fifth
Avenue is transformed into Democracy Plaza, a unique celebration of America’s democratic values. In cities
across the nation, nearly 800 Bank of America associates partner with CHOICES, a nonprofit organization
that challenges students to think about their futures, to teach 70,000 middle and high school students about
the importance of their personal and academic decisions.
In the wake of devastating hurricanes in Florida and the unimaginable horrors of the tsunami in
southern Asia, Bank of America pledges large grants, partners with relief agencies, mobilizes associates
and marshals its banking centers to collect public donations.
These efforts to improve neighborhoods and people’s lives, while sharing Bank of America’s
commitment to higher standards, are being replicated thousands of times across the bank’s nationwide
footprint, driven by our 10-year commitment to lend or invest at least $750 billion in community
development. From our signature initiative called Neighborhood Excellence to our new position as the “Official
Bank of Baseball,” we are creating programs that transform our values into stronger, healthier communities.
Neighborhood Excellence, introduced in 30 communities in 2004, is Bank of America’s sweeping
program to focus a significant portion of philanthropic resources on the priority needs of our neighborhoods.
Neighborhood Excellence recognizes, nurtures and rewards Local Heroes, Student Leaders and organizations that are
creating positive change in their communities.
In the first year of Neighborhood Excellence, we committed up to $500,000 in each of 30 key markets, including
new markets in the Northeast. With the help of committees of local leaders in each market, we chose two Neighborhood
Builders—nonprofit organizations to which we will provide $200,000 each in funding, plus leadership training over the
course of two years. We also recognized five Local Heroes in each market who have contributed to neighborhood
Portrait of a Neighborhood Bank
Innovative enterprise-wide initiatives
are making a difference in our communities.
24 BANK OF AMERICA 2004
In 1998, Bank of America
made an unprecedented
commitment to lend or
invest at least $350 billion
in community development
over the next 10 years.
Significantly ahead of the
run rate to achieve that
goal, in 2004, we set a new
10-year goal of $750 billion,
beginning in 2005.
’02
’01
’00
’99
’03
’04
$350
$230.8
$163.3
$114.4
$69.4
$39.6
0
$288.1
I
($ in billions)