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BofA Announces $100 Million Effort

Bank of America announced late Wednesday afternoon $100 million towards a community development program to assist in the recovery efforts after devastating hurricanes Katrina and Rita hit the gulf coast in September.

In addition, through its community development corporation, Bank of America will make it possible for the more than 200 apartments it owns to become available to house displaced families in Georgia, Florida, Tennessee and Texas.

"As a leader in community development, Bank of America understands the far-reaching impact of the loss of so many homes in low- and moderate-income neighborhoods," says Phyllis Caldwell, president, Bank of America Community Development Banking.