Des Moines, July 24, 2015 – The Iowa Supreme Court Lawyer Trust Account Commission is accepting applications for grants in a special program funded by a $346,652.88 Bank of America donation. Under the terms of the donation, these funds must be used by legal aid organizations in Iowa, for foreclosure prevention legal assistance and community redevelopment legal assistance.
Applicants must agree to participate in a data collection program intended to demonstrate the impact of the settlement funds in the grant purpose areas. Additional information is provided in the commission's request for proposals.
The commission's Interest on Lawyer Trust Account (IOLTA) grant application form will be used for this special program. The request for proposals and the application form are available in paper and electronic form by contacting the Lawyer Trust Account Commission, Judicial Branch Building, 1111 East Court Avenue, Des Moines, Iowa 50319, by calling (515) 725-8029, or by electronic mail to iolta@iowacourts.gov. The application form and request for proposals also may be downloaded from the commission's web page on the Judicial Branch web site at:
http://www.iowacourts.gov/For_Attorneys/Professional_Regulation/IOLTA/
Legal aid organizations wishing to apply must file one copy of their application in paper form, and one copy of their application in electronic form. The commission must receive completed grant applications no later than 4:30 p.m., Monday, August 24, 2015. The commission will then review the applications and seek approval from the Iowa Supreme Court for awarding the grants. The commission expects that grant recipients will be announced in September of 2015.
The donation is part of an August 2014 U.S. Department of Justice $16.65 billion settlement with Bank of America and its former and current subsidiaries, including Countrywide Financial Corporation and Merrill Lynch. The settlement resolved civil investigations relating to residential mortgage-backed securities, collateralized debt obligations, and practices concerning the underwriting and origination of loans. More than $30 million of the settlement was allocated to IOLTA programs in the U.S. for foreclosure prevention programs and community redevelopment legal services.
# # #
