The Bank of America Charitable Foundation has announced that it will allocate $20 million in 2009 to its signature Neighborhood Excellence Initiative (NEI).

Now in its sixth year, the initiative recognizes, nurtures, and rewards people and organizations working to strengthen and revitalize their communities in forty-five of the bank's largest markets. Much of the funding is unrestricted, enabling organizations to use the awards for operating expenses and capacity building while contributing to a region's economic vitality. Local bank and community leaders identify organizations in each community that are best positioned to address the most pressing issues in that community.

Organizations receive support through three programs within the initiative. Neighborhood Builders provides $200,000 in unrestricted funding as well as leadership training for the executive director and an emerging leader from each of two local nonprofits. Local Heroes recognizes five community leaders with a $5,000 contribution to a nonprofit of the recipient's choice. And Student Leaders provides five high school students with a paid eight-week summer internship at a community-based organization and the opportunity to attend a student leadership summit.

"Leadership in our communities is more critical than it has ever been," said Andrew D. Plepler, president of the Bank of America Charitable Foundation. "As nonprofits wrestle with greater challenges and fewer resources, this program helps reinvigorate local economies, a key factor in addressing the current global crisis."

For a complete list of participating communities, visit the Bank of America Web site.