Bank of America’s Grant Supports Pathways to Affordable Home Ownership

One in eight Tennessee households spend more than half of their income on housing, and the number of Knoxville families cost-burdened by the rapidly growing housing costs continues to rise. This lack of attainable housing can leave critical workers, such as healthcare workers and teachers, unable to afford to live in the communities they serve.

The Knoxville Habitat CEO Build, presented by Bank of America, is an opportunity for C-suite executives to raise awareness of the growing need for available workforce housing in our region. To raise awareness of and address the increasing need for available workforce housing in our region, Bank of America has provided a grant in the amount of $17,500 to support Knoxville Habitat for Humanity’s second CEO Build scheduled for 2022.

“Bank of America is thrilled to award Habitat for Humanity with this grant to help provide pathways to affordable homeownership for low-income families living in Knox County,” said Terry Cline, Knoxville President for Bank of America. “Together through the CEO Build, we will make affordable homeownership a reality for a family in need and support them on their path toward financial capacity and mobility.”

Bank of America has been a longtime supporter of Knoxville Habitat’s homeownership program, including the organization’s homeownership education that every future homeowner family must complete in order to build and purchase a home.

“We know having a home of your own is a critical step toward financial stability and success,” said Lina Kornmeyer, Knoxville Executive for Bank of America. “Our renewed commitment to Habitat for Humanity will help a low-income family find that safety and security, while also reinforcing community awareness around the need for affordable housing all across Knoxville.”

The first home built through Knoxville Habitat CEO Build, presented by Bank of America, was built with Habitat homeowner Minani Michel and his family. Michel and his family have lived and worked in Knoxville for over a decade after enduring years of fleeing dangerous wars and conflicts to seek safety in refugee camps. Even after establishing steady employment for over ten years, both Michel and his wife had only been able to afford a small, cramped rental, to raise their children.

Through the support of Bank of America along with additional Knoxville-area business leaders and sponsors, Michel and his family now experience the stability of affordable homeownership.

“We are deeply grateful for Bank of America’s commitment and partnership with Knoxville Habitat for Humanity and the families in our homeownership program,” said Kelle Shultz, President/CEO for Knoxville Habitat. “Their continued support of the exciting CEO Build allows us to continue addressing this critical need of building affordable homes with hardworking families who serve our community and its people. Together, we will continue to build stronger futures and a stronger Knoxville.”

The next Knoxville Habitat CEO Build, presented by Bank of America, is scheduled for April 2022 in Ellen’s Glen, an upcoming neighborhood situated in a quiet, peaceful area off Strawberry Plains Pike that will include 35 single-story homes, sidewalks and underground utilities.

###

About Knoxville Habitat for Humanity
Knoxville Habitat for Humanity is an independent, non-profit, Christian housing ministry that partners with people of all beliefs. Knoxville Habitat has been an affiliate of Habitat for Humanity International since 1985 and builds homes in partnership with families and individuals in need of a safe and affordable place to live. Knoxville Habitat also serves low-income seniors through critical home repair so they can live independently, more comfortably and more safely in their homes.

Families are very much invested in the process of buying their new homes, and they pay mortgages like anyone with a traditional home loan. In addition to their affordable mortgage, each family contributes 500 hours of sweat equity as a down payment before they can move in, most of which are spent in classes learning how to budget and become a responsible homeowner. Volunteers and future homeowners provide the labor in building the homes, while tax-deductible donations of money, land and materials are provided by individuals, organizations and corporations.
Knoxville Habitat is also a Veterans Build Affiliate with Habitat for Humanity International, part of a national effort to provide affordable homes for local men and women who have served our country, as well as a Cost of Home affiliate working toward policy solutions to address the need for home affordability in local communities, the state of Tennessee and nationwide.

Knoxville Habitat has worked with over 700 families in Knox County. For more information or to donate, visit knoxvillehabitat.com.

About Bank of America
At Bank of America, we’re guided by a common purpose to help make financial lives better, through the power of every connection. We’re delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It’s demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).