Arizona banks announce financial support for affordable housing

May 26, 2021, 4:15 AM
(Photo by John Moore/Getty Images)...
(Photo by John Moore/Getty Images)
(Photo by John Moore/Getty Images)

PHOENIX — Four Arizona banks recently joined forces to address the need for more affordable housing in the state amid a shortage.

Bank of America, BMO Harris, FirstBank and Alliance Bank of Arizona in April pledged a combined total donation of $60,000 to the Arizona Housing Fund, which enables the private sector to contribute to the construction and operation of affordable housing units in the state, according to a press release.

A report by the National Low Income Housing Coalition revealed Arizona has the fourth-lowest amount of affordable homes in the country, with just 26 affordable and available rental homes per 100 extremely low-income renter households.

The fund, which aims to reduce homelessness throughout the state by providing a funding source to help Arizona nonprofits build more housing units, was founded in August 2019 by Bank of America executive Howard Epstein.

“We have 10,000 people in our state on a list waiting for permanent housing, and that is unacceptable,” Epstein said in the release. “When I asked BMO Harris, First Bank, and Alliance Bank of Arizona to join Bank of America and be a part of the effort to fund more affordable housing in our state, they enthusiastically agreed.

“It’s rewarding to see so many leaders in the banking industry stepping up and being a part of the solution.”

The advisory committee plans to award its first grants this year for new projects, according to the release, which will go directly to Arizona nonprofits with a proven track record of building and operating permanent low-income housing.

The fund, housed at the Arizona Community Foundation, has received $600,000 in donations since its launch, according to the release.

Lifetime Windows & Doors

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

(Facebook File Photo/Lake Pleasant Regional Park...
Luke Forstner

Valley expert shares lake safety tips for Memorial Day weekend

People looking to cool off at a lake this Memorial Day weekend are asked to do so safely after a string of drownings.
6 hours ago
VR equipment and a version of the TASER 7 that utilizes VR technology for training, is demonstrated...
Taylor Tasler

Phoenix Police use virtual reality headsets to train for calls in the field

The Phoenix Police Department is one of the first law enforcement agencies in the country to use virtual reality to provide officers training in the field. 
6 hours ago
(Facebook Photo/Phoenix Fan Fusion,  Alexander Tamargo/Getty Images for The Latin Recording Academy...

Weekend guide: Here are the biggest events around the Valley for May 27-29

Need something to do? Here's a look at some of the biggest events happening around the metro Phoenix area for the weekend of May 27-29.
6 hours ago
(ADOT Flickr Photo)...

No Valley freeway closures planned for Memorial Day weekend

Drivers won't have to worry about scheduled closures on metro Phoenix freeways this Memorial Day weekend, ADOT said.
6 hours ago
Marcos Anthony Herrera and Anthony Michael Murray (Scottsdale Police Department Photo)...

Scottsdale police arrest 2 men in string of robberies, burglaries

Scottsdale police arrested two men who are allegedly responsible for at least 12 separate crimes across metro Phoenix, authorities said Thursday.
6 hours ago
Jose Dioicio Buelna. (Arizona Attorney General's Office Photo)...

Arizona man sentenced to 5 years for selling fentanyl

An Arizona man was sentenced to five years in prison last week for his role in a drug trafficking organization, authorities said. 
1 day ago

Sponsored Articles

Day & Night Air

Tips to lower your energy bill in the Arizona heat

Does your summer electric bill make you groan? Are you looking for effective ways to reduce your bill?
Dr. Richard Carmona

Have you gotten your booster shot?

Do you remember when you got your last COVID-19 vaccination? If it has been more than five months since you completed your primary vaccination series, it’s time for you to get your booster. You may be eligible even sooner depending which vaccine you received. If you are over the age of 50 and received your […]
(Twitter photo / Coco5)...

Suns star Devin Booker’s all-natural sports drink Coco5 perfect for any activity

Devin Booker is leading the Suns in pursuit of their first NBA championship while also working to provide people proper hydration with Coco5.
Arizona banks announce financial support for affordable housing