As you have likely heard, California received $44.7 million in Bank of America funds for their involvement in the mortgage foreclosure crisis . This funding goes to the State Bar to distribute to IOLTA-funded programs, who are encouraged to collaborate and partner with other nonprofits for maximum impact in communities. These funds are IN ADDITION to the $6 million already received from earlier BoA and Citibank distributions.

The State Bar held a meeting on April 11, asking for community input on the funds. LAAC staff attended the Trust Fund Commission meeting on April 15, where some decisions about the funds were made. The Commission wants to encourage additional input from all IOLTA programs by awarding $10,000 to each program willing and able to participate in a longer process to discuss maximum impact of the $44.7 million. They will also re-open up the earlier RFP process for approximately $4 million to distribute in 2017-2018. Your Executive Director will receive more information soon from the State Bar, but we are ha ppy to share that the community  will  have input on how those funds can make real change in our state and help prevent the crisis from happening again.