Bank of America Awards $50K Grant to Community Preservation and Development Corporation to Support Affordable Housing Initiatives

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The Bank of America Charitable Foundation has awarded a $50,000 grant to the Community Preservation and Development Corporation to support its critical affordable housing work in D.C., Maryland and Virginia. The funds will help CPDC expand its innovative community engagement model to two new locations and hire a Senior Real Estate Development Officer.

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CPDC staff, residents and Bank of America SVP Jeannan Peterson at the ribbon-cutting for a new community center at Arbor View apartments in Washington DC. The project was partially funded by BOA.

"Our focus is to help develop people and improve lives as much as it is to provide affordable homes. Robust resident services that result in co-investment, resident leadership and opportunity are at the core of our mission."

The Bank of America Charitable Foundation has awarded a $50,000 grant to the Community Preservation and Development Corporation to support its critical affordable housing work in D.C., Maryland and Virginia. The funds will help CPDC expand its innovative community engagement model to two new locations and hire a Senior Real Estate httpsDevelopment Officer.

With support from Bank of America, the community engagement model – originally piloted at the organization’s flagship mixed-income community, Edgewood Commons – will be expanded to CPDC communities Meadowbrook Run, in Southeast Washington D.C., and Park Montgomery in Silver Spring, MD. Residents of the combined 400 apartment homes will have an active voice with respect to investments made and services available in their communities, including network events and meetings between residents and property staff. CPDC plans to ultimately expand the model across its portfolio to reach more than 9,000 residents.

This community engagement model has successfully increased resident co-investment, leadership and pathways to improved economic and social outcomes.

“Although the economy has improved, affordable housing is still hard to find for low and moderate income families,” said Jeff Wood, Greater Washington market president, Bank of America. “This support will allow CPDC to extend its efforts across the region, reaching more families and building the essential partnerships needed to help break the cycles of homelessness and hopelessness.”

Funds from the 2015 grant support CPDC’s 2014-2018 strategic plan of achieving an open, accountable community engagement process that leads to resident and community participation; building the organization’s community development capacity and implementing community development strategies in key CPDC communities.

“Our focus is to help develop people and improve lives as much as it is to provide affordable homes,” said Pamela Lyons, CPDC Senior Vice President, Community Development Programs. “Robust resident services that result in co-investment, resident leadership and opportunity are at the core of our mission. Bank of America continues to demonstrate a commitment to community-building through their investment in these initiatives.”

This is the second time CPDC has received a grant from Bank of America. Previously, a grant from Bank of America helped fund a new community center and food pantry at CPDC’s Southeast Washington D.C. Arbor View property.

For more information on CPDC's community engagement model see the whitepaper “The Power of Intentional Networks in Mixed Income Housing.” To learn more about our resident services programs see http://www.cpdc.org/about-us/what-we-do/resident-services/.

For general CPDC inquiries contact:
Meghan Thornton, CPDC Marketing and Communications Manager
(202) 412-9962
mthornton(at)cpdc(dot)org
http://www.cpdc.org

About CPDC:
A premier developer of affordable housing in Washington, D.C., Maryland and Virginia, Community Preservation and Development Corporation (CPDC) works to develop vibrant communities through innovation and partnership. Specializing in the acquisition, redevelopment, and operation of affordable housing for low- and moderate-income individuals and families, CPDC owns over 4,500 dedicated affordable apartments within more than 25 communities, with resident engagement programs at many of its properties serving more than 9,000 residents.

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Meghan Thornton
Community Preservation and Development Corporation
2024129962
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