Bank of America 2004 Annual Report Download - page 28

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BANK OF AMERICA 2004 27
Development Banking, we help build stronger and
healthier neighborhoods in the low- and moderate-
income areas we serve. Part of our integrated approach
to meeting priority neighborhood needs includes
delivering specialized financial resources to build and
preserve affordable housing, and creating jobs to
transform underserved and long-neglected blocks into
vibrant communities.
Our 10-year commitment, beginning in 2005, to
lend and invest at least $750 billion for community revi-
talization across the United States is one of the largest in
the history of U.S. commercial banks. It expands on
previous pledges by Bank of America and Fleet, and
delivers more than $205 million in community develop-
ment activity in our neighborhoods every day.
Investments and lending in our communities will focus
on affordable housing and home ownership, small
business/small farm ownership, consumer loans and
economic development. Included in the goal is $25 billion
for lending programs for rural and Native American areas.
In all these ways and more, we are helping build
stronger, more vital communities—for the benefit of
local people, organizations, economies and, ultimately,
our enterprise.
In 2004, Bank of America became the first company ever to
be designated the Official Bank of Baseball—a unique
relationship with Major League, Minor League and Little League Baseball
that connects the bank with the nation’s passion for the sport
and gives us deep connections in our local markets.