One year later rebuilding Los Angeles

One year later: Bank of America Continues to help rebuild Los Angeles

January 7 marked one year since the Eaton and Palisades fires destroyed over 50,000 acres and damaged homes and businesses across Los Angeles — including over 13,000 residential properties, 1,900 small businesses and two Bank of America financial centers. Bank of America has been a leader in the recovery efforts, with Raul Anaya, head of Local Markets Strategy and president of Bank of America Greater Los Angeles, overseeing our company’s comprehensive response and rebuilding efforts to support the needs of Bank of America’s employees, clients and community members.

Raul Anaya reflects on one year of recovery

In his Jan. 7 LinkedIn newsletter, Raul marked the one-year anniversary of the fires by highlighting the resilience and teamwork that have defined our company’s response.

“It's hard to believe today marks exactly one year since our community faced unimaginable loss in the wake of the Eaton and Palisades fires,” Raul wrote. “Over the past 12 months, I’ve seen something remarkable rise from that devastation — the resilience and unwavering commitment of my Bank of America team here in LA.”

Helping clients rebuild and recover with the Bank of America Rebuild Solution

Many families affected by the fires remain displaced as temporary housing and rebuilding costs continue to rise. With insurance rental subsidies ending and 12-month mortgage forbearance programs expiring in early 2026, many homeowners could face paying rent and their original mortgage at the same time — quickly draining cash reserves and creating a severe liquidity crunch.

To address this, in November, Bank of America announced the Bank of America Rebuild Solution to help ease the liquidity crunch for qualifying mortgage clients who choose to rebuild their homes.

The Rebuild Solution focuses on three key financial levers:

• Extended forbearance — While our initial forbearance is 12 months, we will extend forbearance up to two additional years for eligible clients while rebuilding. This continued mortgage payment relief will help preserve monthly cash flow.
• Rebuild line of credit — This innovative approach for our existing mortgage borrowers offers a line of credit product to eligible clients that will help bridge the difference between what insurance covers and current construction costs to rebuild.
• Interest rate preservation — For those utilizing the Rebuild Line of Credit, they may be eligible to retain the original interest rate on their underlying first mortgage, which is likely lower than current rates.

“Bank of America is utilizing its experience working through disasters, its capital and connections to help our clients rebuild their homes,” Raul said. “This package of solutions helps preserve a homeowner’s cashflow through extended forbearance and protects their current lower interest rate, while providing additional financing to bridge the gap between their insurance payout and today’s costs to rebuild. It’s our hope that more Angelenos will opt to stay and rebuild knowing that these options may be available to them.”

Helping residents and small businesses rebuild with $10 million in capital to local Community Development Financial Institutions (CDFIs)

On Dec. 22, Bank of America announced $10 million in zero-interest loans to CDFIs for ongoing housing, nonprofit facilities and small business assistance. The loans will be managed through three West Coast CDFIs — Clearinghouse CDFI, Genesis LA and Pacific Community Ventures’ RESTORE LA Fund — involved in the region’s disaster recovery efforts.

Learn more about how we’re helping Los Angeles rebuild

Visit Bank of America’s Helping Los Angeles rebuild webpage for resources on personal banking, business support and wealth management — plus stories of resilience and ways you can help.