All too often we hear how the banks are the bad guys, especially in light of how the housing bubble burst and millions of homeowners are being forced to relocate. But what we don’t often hear is that some banks are actually working with cities to fight foreclosure in their towns.
That’s exactly what Bank of America is doing in Chicago. The big bank is donating condos and houses that have been abandoned and will also be helping to pay for demolition when needed. Additionally, Bank of America is also helping out in Detroit, where the city needs all the help it can get. To many, this is a moving effort.
As a homeowner, you know that if someone abandons their home – moves out without selling it – it can have a negative effect on the whole neighborhood. This problem is especially acute in inner-city neighborhoods in larger cities. So, what exactly is Bank of America doing?
First of all, in Chicago, Bank of America is giving the city as many as 150 abandoned houses and paying for their demolition. Additionally, the bank is donating 26 condo units to the Community Investment Corp., which will turn them into low-income rentals. In the next few months, people will be able to move in.
The bank is apparently not immune to the worst recession we’ve seen in 70 years, so the help they are contributing is refreshing. Foreclosure is a real problem and too many people are being forced to move from their homes.