Port Richey Family Celebrates Gift of New Home

PORT RICHEY, Fla., Dec. 22 /PRNewswire/ -- A Port Richey family received the biggest present they could have dreamed of -- a new home. The winner of the Bank of America home giveaway sweepstakes, Tabitha Johnson, receives a new home valued at $200,000 from Bank of America.

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To Johnson, her husband and 5-year old son, the announcement was a dream come true. Family, friends, Bank of America associates and holiday shoppers celebrated with the Johnsons as a mailbox bearing their name and a welcome wagon full of house warming gifts were unveiled at the official announcement at Gulf View Square Mall in Port Richey.

"I still can't believe it," said Johnson. "My husband and I have been trying to buy a home for the last three years. Winning this home and having a place that is ours means so much."

The home giveaway sweepstakes launched in mid-October and was open to Florida residents who do not currently own a home. The winner was selected from nearly 9,500 qualified entrants and receives a new home valued at $200,000 and $75,000 toward applicable state and federal income taxes on the prize. The Johnson family will be required to live in their new home as a primary residence for at least 12 months after they take possession, and also attend a homebuyer education workshop sponsored by NeighborWorks(R) America and Bank of America.

The sweepstakes is part of a larger effort by Bank of America to educate low- and moderate-income renters about the benefits of home ownership, and encourage them to take a serious look at the opportunity.

"We look forward to working with the Johnson family to find a new home in the area that meets their needs," said Wade Griffin, Consumer Region executive at Bank of America. "This family didn't imagine they would own a home this soon and that is an experience we want to help replicate with potential home buyers across Florida."

"We find that misperceptions about buying a home keep many people from pursuing home ownership," said Sandy Robertson, Consumer Real Estate region executive at Bank of America. "We want people to know there are many low and no down payment programs available and more flexible mortgage products than ever to help families get into their first home."

According to the 2000 Census, there are an estimated two million renters in Florida. Beyond the joy and pride that comes with owning a home, renters are missing out on the opportunity to build equity, leverage the tax advantage and benefit long term from an increase in property values.

About Bank of America

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 38 million consumer and small business relationships with more than 5,800 retail banking offices, more than 16,700 ATMs and award-winning online banking with more than 14 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 150 countries and has relationships with 97 percent of the U.S. Fortune 500 companies and 79 percent of the Global Fortune 500. Bank of America Corporation stock is listed on the New York Stock Exchange.

http://www.bankofamerica.com/