NEW ORLEANS — New Orleans Area Habitat for Humanity and Bank of America will come together to address the need for safe, sustainable and affordable housing in New Orleans as part of Bank of America’s Global Build, an initiative between Bank of America and Habitat for Humanity to support affordable housing and revitalization projects in communities around the world.
New Orleans Area Habitat for Humanity received a $10,000 grant from Bank of America to build a home in Orleans Parish. On October 15, a group of Bank of America employees from New Orleans and Baton Rouge will volunteer with the organization to build a home as part of the returning Global Build initiative.
“We are excited to host Bank of America for a fifth consecutive Global Build event here in New Orleans,” said Marguerite Oestreicher, Executive Director of New Orleans Area Habitat for Humanity. “This home is being built to FORTIFIED Gold™ standards and reflects our ongoing mission to build not just homes, but stronger and more resilient communities,” said Oestreicher.
Bank of America employees will volunteer with more than 90 Habitat organizations in the U.S. and internationally to help build, repair or renovate homes. The company will also support Women Build projects in local communities and help facilitate Bank of America Better Money Habits® program with new Habitat homeowners.
In 2014, Bank of America and Habitat launched its first Global Build event in 36 communities around the world, engaging employees to work alongside families to build or improve a place they can call home. Since then, Global Build events have taken place with more than 110 local Habitat affiliates in the U.S. and in countries including Australia, Hong Kong, India, Indonesia, the Philippines, Singapore, South Korea, and Vietnam.
“Helping advance economic mobility is a core priority for Bank of America,” said Jonathan S. Matessino, president of Bank of America New Orleans/Baton Rouge. “By partnering with Habitat for Humanity of New Orleans to provide safe, affordable housing, we are helping individuals achieve their goals and contribute to economic growth and success of the region,” said Matessino.
With housing costs rising faster than wages, the National Low Income Housing Coalition’s Out of Reach 2025 report finds that Louisiana renters must earn $22.88 an hour—or work 126 hours a week at the $7.25 minimum wage—to afford a modest two-bedroom apartment. Since working that many hours is impossible, a full-time minimum-wage job falls far short of what’s needed.
Nationally, the housing wage for the same apartment is $33.63 an hour, making Louisiana more affordable but still out of reach for many families. The median renter income in Louisiana is about $36,862, or $17.72 an hour—roughly $5 less than the housing wage. As a result, 76 percent of the state’s extremely low-income renters spend more than half their income on housing.
Bank of America’s partnership with Habitat strengthens its longstanding commitment to creating sustainable cities and communities around the world and helping families achieve affordable homeownership. Since 1986, Bank of America has donated more than $88 million over the course of the partnership to support Habitat’s efforts to create a world where everyone has a decent place to live.
About New Orleans Area Habitat for Humanity
New Orleans Area Habitat for Humanity (NOAHH) is a non-profit organization that builds and repairs homes in partnership with people needing decent, affordable housing. Since 1983, NOAHH has built over 600 homes in the New Orleans area, allowing families to achieve the dream of homeownership. For more information, visit www.habitat-nola.org.
About Habitat for Humanity
Habitat for Humanity is a global nonprofit housing organization founded in 1976 that works in more than 70 countries and in communities across all 50 U.S. states. Its mission is to bring people together to build homes, communities and hope by partnering with families to create affordable housing solutions. Habitat relies on volunteer labor, financial contributions and the support of ReStore resale outlets to construct and improve homes. Since its founding, Habitat has helped millions of people achieve safe and affordable housing.