Bank of American Fork was honored today with this year’s CRA Community Impact Award at the 2011 CRA & Fair Lending Colloquium in Baltimore. The national award recognizes only two financial institutions that have been instrumental in developing, implementing or maintaining innovative community development programs that support the Community Reinvestment Act (CRA).
Bank of American Fork was recognized for its role in the construction of Rosewood Place Senior Living Center for low-income Utah residents. In addition to providing a $1 million construction line of credit, Bank of American Fork was the lead investor with a $1 million contribution to the project.
“The affordability of housing is a constant challenge for seniors living on fixed incomes,” said Utah County Housing Authority’s Gene Carly, whose organization sponsored the project and nominated the bank. “The Rosewood Place Senior Living Center, made possible by Bank of American Fork, has allowed such seniors to live in a new, safe, comfortable facility within their limited means. It’s a great example of a private/public partnership working together to address an essential need.”
Rosewood Place resident Clair Norton is one of the 12 seniors that benefited from the partnership. “This beautiful, new housing complex has allowed me to live within my means. It’s a great place and has really been a blessing in my life.”
Addressing quality-of-life issues for low-income Utahns, particularly the vulnerable senior population, has long been important to Bank of American Fork. The nearly century-old bank works with several non-profit housing organizations across the state to support low-income housing. It also just introduced AccountSmart Tools for Seniors, a suite of products that helps seniors avoid becoming victims of financial exploitation.
“As a locally owned and operated bank, Bank of American Fork strives to give back to the communities that support us,” said Richard Beard, president and CEO of Bank of American Fork. “The Rosewood Place Senior Living Center is just one way we’re contributing to Utah’s communities. We look forward to a long future of continued assistance for Utah’s underserved and low-income residents.”