Historic Washington Heights Community

BOA McColl Habitat Project

Press Release = 10 homes in Historic Washington Heights

Project to begin April 2002
Bank of America
McColl Habitat Project
Press Release
December 3, 2001
Reporters May Contact:Jennifer Tice, Bank of America, 1.704.386.0076; Jennifer.tice@bankofamerica.com

Bank of America honors McColl with Habitat for Humanity building drive

CHARLOTTE -- Bank of America is honoring Hugh McColl with a Habitat for Humanity building drive that will produce 120 new homes across America, 10 of which will be in Charlotte, the bank's headquarters city.

In addition, Habitat for Humanity International will build another 100 houses in Latin America as part of the drive that will last five years.

"We are excited to support such a significant initiative toward providing decent housing for those who deserve it most, and to do it in the name of Hugh McColl," said Ken Lewis, chairman and chief executive officer of Bank of America. "This is an ideal tribute to Mr. McColl, our longtime Bank of America chairman who led us in spirit and tirelessly championed the Habitat cause."

The bank will announce the McColl Habitat Project in a ceremony at noon today in Founders Hall adjacent to the Bank of America Corporate Center. Habitat for Humanity volunteers from Charlotte, many of them bank associates, began working this morning to build parts of an actual Habitat house in Founders Hall. This structure will move to a lot in Charlotte's Washington Heights neighborhood to be finished for a family to live in.

"This is a wonderful thing for our country and for people in other countries around the world," McColl said. "This is the best retirement honor I could imagine and the fun part is that so many people get to share it," added McColl, who ended 18 years as chairman of Bank of America when he retired on April 25.

Through the McColl Habitat Project, Habitat for Humanity will enter partnerships with deserving families to build a house each year for five years in the District of Columbia and the 21 states that make up the bank's retail service area.

The Bank of America project qualifies the bank for membership in the Cornerstone Society of Habitat for Humanity's fund-raising campaign called More Than Houses: Rebuilding Our Communities. Habitat has built more than 100,000 houses in 25 years and is raising $500 million to double that by the end of 2005.

Millard Fuller, founder and president of Habitat for Humanity International, could not attend today's ceremony, but sent a taped statement in which he praised McColl.

"Hugh McColl is a loyal supporter of Habitat for Humanity, so it's fitting that the bank would make such a commitment in his honor," Fuller said.

"Because of the bank's gift, more than 100 families across the country will secure the decent, affordable homes they so desperately need," Fuller said. "Moreover, through the affiliate tithe program, the Bank of America gift will build an additional 100 homes in various Latin American countries. This is a winning partnership for everyone involved."

Mattie Marshall, president of the Washington Heights Neighborhood Association, said she is pleased that Habitat for Humanity of Charlotte will build 10 Habitat homes in her residential area near Beatties Ford Road and the Brookshire Freeway.

Ms. Marshall will join Bert Green, executive director of Habitat for Humanity of Charlotte, to introduce members of the families who will help build the houses in her neighborhood and who will live in them when they are constructed. The Charlotte effort will begin in spring 2001, with thousands of volunteers coordinated by the city's Habitat chapter.

"Largely because of Mr. McColl's support and hands-on involvement, Charlotte ranks third in the United States with nearly 500 Habitat homes either built or rehabilitated," Lewis said. "Now we'll have 10 more in Charlotte, and we'll see many new Habitat homeowners created, from Florida to Texas to California and lots of places in-between."

The McColl Habitat Project begins in 2002 and lasts through 2006. Soon, the Bank of America Foundation, in coordination with the bank's business segment executives and state bank presidents, will help Habitat pick the local Habitat affiliates to participate. International sister city affiliates will build houses in their cities, also with funds from the McColl Habitat Project.

Habitat for Humanity serves those who earn between 30 and 60 percent of median income and who are living in substandard housing. A family must be willing to invest "sweat equity" by working with volunteers to construct the house they will live in. The family must also agree to repay a zero-interest mortgage, with terms that extend for 15 to 30 years.

Links

Habitat for Humanity Charlotte