Bank Of America is going to donate 75 vacant and foreclosed homes in Kansas City to non-profit organizations for redevelopment.
They will provide the city with financing to help tear down 50 of the 75 properties while the remaining 25 properties which are livable will be donated to the homesteading authority. This will help bolster the city’s five year consolidation plan.
Mayor Sly James, said that, “Collaborating with private partners helps the city alleviate the effects of the recession. This partnership similar to Bank of America Corporation (NYSE:BAC) partnerships in Detroit, Chicago and Cleveland will address boarded-up and run-down houses that are bruises on neighborhoods. We can build the population of our urban core, but it will take innovative thinking and programs that join public and private interest. The partnership announced with Bank of America Corporation (NYSE:BAC) will reinvest in the heart of our city.”