Staff Reports | Free Press Philanthropy
Bank of America has awarded the Foundation for Senior Living with a grant for $10,000 to support operations at The Village on Roeser, which officials there say will allow the organization to maintain affordable rental rates and avoid undue financial burden on residents.
“Thanks to the generosity of Bank of America, we are able to continue our efforts to ensure low-income families and seniors have access to quality affordable housing,” said Tami Bohannon, president and CEO of FSL. “Even a monthly rent increase of $20 could put some of our most impacted residents at the risk of homelessness, making maintaining rent stability a priority at our properties.”
The Village on Roeser is home to 143 individuals across 112 units and provides rental rates that are lower than the fair market value of the surrounding area. The grant from Bank of America will be used to address the financial constraints impacting 50 of these households, where the current rental rates are 40 percent of more of their monthly income and to bridge the gap between current revenue and the cost of management, maintenance and other operations.
The Arizona Department of Economic Security is reporting that more than 14,000 Arizona residents are experiencing homelessness.
“Homelessness remains a significant challenge for families and communities throughout Arizona. The Foundation for Senior Living tackles this issue head-on by managing 25 affordable housing communities that provide comprehensive services and preventative programming,” said Scott Vanderpool, president of Bank of America Phoenix.
“Bank of America’s grant bolsters their vital initiatives, delivering tailored support to those in need and empowering them to lead independent, fulfilling lives.”
