The Bank of New York Grants $500,000 to Fight Homelessness: Supports United Way of New York City’s Housing Help Center
Public-Private Partnership to Help Hundreds of Residents Avoid HomelessnessNEW YORK, NY, October 12, 2005 - The Bank of New York today announced a $500,000 grant over two years to support United Way of New York City's Housing Help Center, the first court-based homelessness prevention center in the United States. Open since January, the program aims to prevent the immediate threat of eviction and stabilize families to reduce the risk of future homelessness. The Housing Help Program is one of eight homelessness prevention initiatives included in Mayor Bloomberg's five-year action plan.
The announcement was made at a forum hosted by The Bank of New York on the state of homelessness in New York City, with panelists Linda Gibbs, Commissioner of New York City's Department of Homeless Services; Fern Fisher, Administrative Judge for the Civil Court of New York; Lawrence Mandell, President & CEO of United Way of New York City; Bonnie Stone, Executive Director of Women In Need; and Andrew Scherer, Executive Director of Legal Services for New York City. WNBC-TV government affairs reporter Melissa Russo moderated.
"Throughout the city's history, the public and private sectors have joined forces to address the most pressing social issues and bring about positive change in people's lives," said Thomas A. Renyi, Chairman and Chief Executive Officer, The Bank of New York. "We are proud to make this contribution to the Housing Help Program, which is a prime example of the value of public-private partnerships and the meaningful impact the United Way has in the communities it serves."
The Housing Help Program, spearheaded by New York City Civil Court Administrative Judge Fern Fisher, tackles the problem of homelessness head-on, with a new approach to the handling of eviction cases that includes a specially trained judge and dedicated court team to handle these cases from start to finish, as well as supportive services to address underlying reasons for nonpayment, such as job training, family counseling and substance abuse programs. The Housing Help Program was developed by the Civil Court and United Way, with United Way providing $1 million in funding and the Court providing in-kind services.
Today, The Bank of New York is United Way of New York City's largest corporate supporter. Employees of The Bank of New York provide significant financial support and countless volunteer hours to a vast array of local and national nonprofit organizations. The relationship between The Bank of New York and United Way extends back more than a quarter of a century. Last year, the bank achieved a new record, raising more than $4 million for United Way - more than $3 million in employee donations, plus a $1 million corporate gift.
"We are grateful to The Bank of New York for taking this action. It is our hope that successful outcomes will lead to replicating the program in other high-need neighborhoods of the City," said Lawrence Mandell, President and CEO of United Way of New York City. "Not only is this the first court-based homeless prevention program in the country, this program is also unique because it is entirely privately funded."
Research suggests that for some families, receipt of an eviction petition is the first step in a trajectory that leads to housing instability and often to shelter entry. The eviction petition leads to eviction and forced re-location, often with individuals and families living with relatives and friends for a limited period. Many families enter the shelter system as a last resort after exhausting such resources. One out of three of working poor residents have less than $100 in savings, according to the 2004 Unheard Third survey from Community Service Society.
The annual cost to the City of sheltering a family is $32,000 - compared with $1,538, the average cost of helping a family through the Housing Help Program.
About The Bank of New York Company, Inc.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, investment management, and individual & regional banking services. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at www.bankofny.com.
About United Way of New York City
United Way of New York City is a local nonprofit that creates and leads programs to help low-income New Yorkers become and remain self-sufficient. We identify precise needs within five specific areas: homelessness prevention; access to health care; education; economic independence; and strengthening NYC nonprofits. Next, we bring together partners and resources to develop and execute strategies that tackle the root causes of these problem areas. Finally, we set goals, measure and report progress to donors. We are governed by volunteers and independently operated. For more information on United Way of New York City, please visit www.unitedwaynyc.org.
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