The Nevada Bar Foundation (NBF) makes annual grants to organizations that promote access to justice through direct legal services to the poor, to victims of domestic violence and to children protected by or in need of protection of the juvenile court. Grant funding is provided by the Interest on Lawyer Trust Accounts (IOLTA) program. This program, created by the Nevada Supreme Court in 1982, is managed by the NBF for the above-stated purposes. Pursuant to SCR 216, substantially, all IOLTA funds are granted to organizations that provide legally related services to the poor, to victims of domestic violence and to children protected by or in need of protection of the juvenile court.
Bank of America Grants
In August 2014, the U.S. Department of Justice announced a $17 billion settlement with Bank of America related to its involvement in residential mortgage-backed securities and other unlawful conduct that contributed to the housing/financial crisis. The settlement provided for an initial distribution of $30 million to every IOLTA program in the country and the territories for “foreclosure related legal assistance” and “community redevelopment legal services.” This was followed by a second distribution triggered by the extension of the Mortgage Forgiveness Debt Relief Act in 2007.
Nevada Bar Foundation is responsible for granting these dollars, up to $3,363,243, during the next grant cycle.