Alabama Law Foundation Receives Funds Targeted For Foreclosure Prevention and Community Re-Development Legal Assistance – August 18, 2016
The Alabama Law Foundation has received $3.3 million in funds from the Bank of America’s August 20, 2014 mortgage settlement with the U.S. Department of Justice. The settlement requires funds to be allotted to IOLTA (Interest On Lawyers Trust Accounts) foundations based on Federal poverty censes data. The settlement reads as follows: “For the sole purpose of providing funds to legal aid organizations in the state of Alabama for foreclosure prevention legal assistance and/or community redevelopment legal assistance.” Professor Eric Green is the independent Monitor to oversee the Bank of America’s compliance with its ongoing consumer-relief obligations under the settlement.
In March of 2016, the Alabama Law Foundation awarded $266,000 in grants from funds received in a 2015 disbursement by the monitor. The organizations listed below received grants to provide foreclosure prevention legal assistance. Homeowners with incomes of up to 250% of the federal poverty level are eligible for free assistance. The additional funding will allow continuation of the project.
Alabama Center for Dispute Resolution – $60,000
Alabama State Bar Volunteer Lawyers Program – $32,500
Birmingham Bar Association Volunteer Lawyers Program – $42,500
Legal Services Alabama – $65,000
Madison County Volunteer Lawyers Program – $20,000
Montgomery County Bar Foundation Volunteer Lawyers Program – $25,500
South Alabama Volunteer Lawyers Program – $20,500