FSL Awarded $10,000 Grant from Bank of America

Recently, Bank of America awarded FSL (Foundation for Senior Living) with a grant for $10,000 to support operations at The Village on Roeser, allowing FSL 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.

FSL has committed to continuing to assist the families who are experiencing a greater rent burden find stability by not raising the rent on those units. This will help ensure housing stability at a time where 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.”

Bank of America supports a broad spectrum of efforts in order to build a brighter future, including creating economic opportunities, driving social progress, and focusing on environmental sustainability.

To learn more about FSL’s affordable housing services, visit fsl.org/real-estate-services.