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Thursday, July 13, 2000 10:59 AM

BALTIMORE, July 13 /PRNewswire/ -- Kweisi Mfume, president of the National
Association for the Advancement of Colored People (NAACP), and Michael H.
Dulan, Bank of America Community Development Banking president, today
announced a five-year, $6 million initiative to help increase homeownership
among traditionally underserved populations, as well increase small business
loans to businesses that serve urban communities.

"This alliance is one small step toward helping to create economic
empowerment for underserved populations, where there is a lack of access to
capital and credit," said Mfume. "When people can get mortgages and loans for
small businesses, they not only improve their lives but also the overall well
being of the community."

"We believe that this grassroots approach will provide greater
homeownership opportunities to the underserved," said Michael H. Dulan, Bank
of America Community Development Banking president. "The small business
component will not only build small business ownership but help create jobs.
Through this alliance, Bank of America and the NAACP will be able to leverage
our respective resources."

The homeownership program is a joint effort between local NAACP branches,
the national office of the NAACP and Bank of America. NAACP local offices
will provide homeownership education through the Bank of America homeownership
center. The homeownership program is being launched in six communities:
Atlanta, Georgia; Austin, Texas; Baltimore, Maryland; Columbia, South
Carolina; and Long Beach, California. Ten additional cities to participate in
the program will be identified during the next several months.

Plans are being completed for the small business-counseling program. Six
communities will be named to participate in that program.

The $6 million in funding will be used to help provide homeownership and
small business counseling and education, and pay for operational costs.
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