Bank of America awards $3M grant for Obama Foundation in Chicago

Bank of America has awarded a $3 million grant to the Obama Foundation to support workforce development and community initiatives, particularly with the construction of the Obama Presidential Center in Chicago.

With this funding, the foundation will recruit, train and retain individuals and handle barriers that have prevented women and minority groups from entering the construction trades, according to a press release.

"It gives me a great sense of pride to see the Obama Presidential Center start to rise from the ground knowing that our workforce initiative has made it possible for our neighbors across Chicago's South and West Sides to leave their mark on this historic monument," Valerie Jarrett, CEO of the Obama Foundation, said in the release. "Our partnership with Bank of America, an institution with deep ties and commitments to like-minded non-profits across the city, makes it possible for us to expand on our current workforce goals and to continue to challenge the status quo — creating opportunity for generations to come."

In addition to the project, the grant will also support the Foundation's My Brother's Keeper Alliance, which aims to improve opportunities for boys and young men of color in the U.S.