FOR IMMEDIATE RELEASE

February 21, 2002

Reporters may contact:
Terri Bolling, Bank of America, 1.410.547.5869
terri.bolling@bankofamerica.com

BANK OF AMERICA ANNOUNCES NEW AMERICA-BLOCK BY BLOCK® INITIATIVE AT WASHINGTON VIEW MAKE A DIFFERENCE CENTER OPEN HOUSE
Anacostia Community in Southeast Washington Participating in Pilot Program

WASHINGTON, DC – Joined by Mayor Anthony Williams, the Washington View Tenants Organization, Freddie Mac, the Freddie Mac Foundation, and other community partners, Bank of America unveiled today its America-Block by Block^® program, a targeted five-year neighborhood revitalization effort in select cities across the country. The Anacostia community is the second of two East Coast neighborhoods selected for the pilot program.

America-Block by Block^® will promote positive, sustainable community development through long-term strategic planning that will leverage the company’s financial and technical resources in these pilot communities. This targeted block by block approach will seek to deliver a variety of financial resources such as: residential and commercial real estate development, small business and consumer lending, mortgage product and service offerings, Charter School and community facility financing, minority business development, job training, volunteer efforts and Bank of America Foundation grants.

“The collaborative work we are doing in the Hillsdale neighborhood is a prime example of how communities can be transformed through true public-private partnership and achieve visible and measurable results,” said William Couper, president, Bank of America Greater Washington. “This is only possible because of synergy among government, nonprofits, business, religious and community leaders, educational institutions and social service agencies. Through America- Block by Block^®, we’ll continue to align our resources, and work with our community stakeholders, in an effort to create visible and demonstrable change in our neighborhoods.”

"We greatly appreciate the assistance of our community partners who help to bring economic development opportunities to our neighborhoods," said Mayor Anthony A. Williams. "The America-Block by Block initiative is an excellent example of how public-private partnerships can bring tangible assistance to the people of the District."

The Bank of America Make A Difference Center program provides vital services to residents of residential properties developed by the Banc of America Community Development Corporation. Through several community partnerships, the Washington View Make A Difference Center program has been expanded, adding programs at an additional building at 2683 Douglass Road SE. The expanded center will not only serve Washington View residents, but the new homeowners at the Townes at Hillsdale and the Overlook Condominiums, as well.

Bank of America re-invests into the community profits earned from operating the Washington View Apartments by expanding the programs at the Make A Difference Center.

Bank of America operates Make A Difference Centers in 16 cities across its 21-state franchise. The Washington View Make A Difference Center program includes:

• A computer learning center staffed by Urban Ed. Adults and children will participate in computer training, including web-based technology, repairs and other job skills programs. Urban Ed received a $40,000 grant from Freddie Mac Foundation and a $10,000 grant from the Bank of America Foundation for the program. In addition, Freddie Mac funded the purchase of $25,000 worth of computer equipment.

• An after-school program for residents ages 7 to 13 and a Teen Center for residents ages 13 to 19, staffed by Communities In Schools and William C. Smith & Company, which provides after-school tutoring and supervises a variety of youth activities. Communities in Schools also received a $10,000 grant from the Bank of America Foundation.

• The Washington Middle School for Girls, the only private middle school for at-risk girls in fifth through eighth grade. The school offers an expanded daily program and a Saturday academy. Washington Middle School for Girls also received a $30,000 grant from Freddie Mac Foundation.

“Freddie Mac helps families own homes, and the Freddie Mac Foundation works to make these homes happy and healthy. That’s why we are pleased to be working together with our long-time partners, Bank of America and the District of Columbia, to expand homeownership and make our community stronger,” explained Maxine B. Baker, president and CEO, Freddie Mac Foundation.

Through partnerships with the East of the River Community Development Corporation (ERCDC), Manna and the Washington View Tenants Organization, Bank of America has been involved in a number of projects in the Anacostia community. The bank is financing the construction of the Homes at Woodmont, the first new affordable apartments built in Anacostia in over 30 years. Currently under construction, Overlook Condominiums will provide 77 condos as part of the community’s desire to increase homeownership, and the Townes at Hillsdale, featuring 65 brick townhomes, is also under construction and 16 are built and occupied.

In the Greater Washington area, Bank of America made more than $1.3 billion in loans and investments for the construction or rehabilitation of single- and multi-family affordable housing in 2000. In 2001, Bank of America generated over 13,500 mortgage loans within low- and moderate-income census tracts, over 4,800 mortgage loans to low- and moderate-income borrowers and over 9,600 mortgage loans to minority borrowers.

One of the world's leading financial services companies, Bank of America is committed to making financial services work for customers like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation's largest financial services network, including approximately 4,400 domestic offices and 13,000 ATMs, as well as 38 international offices serving clients in 190 countries, and an Internet Web site that provides online access for more than 3 million customers, more than any other bank.

Bank of America stock (ticker: BAC) is listed on the New York, Pacific and London stock exchanges. The company's Web site is www.bankofamerica.com. News, speeches and other corporate information may be found at www.bankofamerica.com/newsroom.