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December 4, 2007
Alcoa Foundation Helps Fund Brad Pitt's ''Make It Right'' Project to Build Green Affordable Housing in New Orleans
PITTSBURGH--(BUSINESS WIRE)--Alcoa (NYSE:AA)
and Alcoa Foundation have announced support for Brad Pitt’s
“Make It Right”
(MIR) project to build green affordable housing on a large scale to help
victims of Hurricane Katrina in New Orleans, Louisiana. An Alcoa
Foundation grant of $150,000 was made to the Make It Right project today.
The MIR project - conceived by Pitt and a group of experts in New
Orleans - is a large-scale redevelopment project for affordable housing
that incorporates innovative design to be stronger, safer, and
environmentally friendly. MIR’s goal is to
construct 150 homes in the low-income neighborhood of New Orleans' Lower
Ninth Ward, the area hardest hit by Hurricane Katrina in which more than
80 percent of homes were completely destroyed by flood waters. The name
comes from a former resident's plea to help "make this right."
Groundbreaking is scheduled for January 8, 2008.
The MIR core team is a partnership between William McDonough + Partners,
a world leader in environmental architecture; Cherokee Gives Back
Foundation, the nonprofit arm of Cherokee, a firm that specializes in
remediation and sustainable redevelopment of environmentally impaired
properties; Graft, an international leading architecture firm that
collaborates with Brad Pitt on projects around the world; and the
Jolie-Pitt Foundation, a charitable institution established to aid
humanitarian causes around the world.
A key aspect of the project is its ability to be replicated. MIR is
developing a panelization system in which structural insulated panels
(SIPs) common to all designs are constructed and stored off site. This
standardized system will maximize efficiency and minimize cost, allowing
the housing design to be replicated throughout the neighborhood as well
as promoting a new universal paradigm of affordable, environmentally
responsible home design.
Alcoa Foundation will also support a community-based artistic event in
New Orleans designed to raise MIR project funding on a broad scale. The “Make
It Right Art Installation Project”—held
from December 2, 2007, through January 8, 2008, and symbolically located
at the site of the Industrial Canal levee break—is
intended to raise local, regional, and national awareness of the issue
and maximize overall fundraising to help MIR extend homebuilding
benefits beyond the initial goal of rebuilding 150 homes.
More details about MIR can be found at www.makeitrightnola.org
Alcoa is the world's leading producer and manager of primary aluminum,
fabricated aluminum and alumina facilities, and is active in all major
aspects of the industry. Alcoa serves the aerospace, automotive,
packaging, building and construction, commercial transportation and
industrial markets, bringing design, engineering, production and other
capabilities of Alcoa's businesses to customers. In addition to aluminum
products and components including flat-rolled products, hard alloy
extrusions, and forgings, Alcoa also markets Alcoa®
wheels, fastening systems, precision and investment castings, structures
and building systems. The company has 116,000 employees in 44 countries
and has been named one of the top most sustainable corporations in the
world at the World Economic Forum in Davos, Switzerland. More
information can be found at www.alcoa.com.
About Alcoa Foundation
Alcoa Foundation is a separately constituted nonprofit U.S. corporate
foundation with assets of approximately $534 million. The second largest
asset-based corporate foundation in the United States, its mission is to
actively invest in the quality of life in Alcoa communities worldwide.
Throughout its history, the Foundation has been a source of positive
community change and enhancement, with nearly $437 million invested
The Foundation's grants address global and local needs in over 30
countries by partnering with Alcoa communities around the world to make
a difference. Global and local grantmaking is responsive to the needs
and aspirations of Alcoa communities and marshals the combined
expertise, energies, and values of Alcoa and Alcoa Foundation to provide
a world-class standard of excellence in corporate citizenship.
In 2006, Alcoa and Alcoa Foundation invested a combined total of $42.3
million in community programs in 32 countries, focusing on four areas of
excellence: conservation and sustainability, global education and
workplace skills, business and community partnerships, and safe and
healthy children and families.
In addition to grantmaking, Alcoa Foundation offers two employee
programs to encourage volunteerism. Bravo! recognizes individual
employees who spend a minimum of 50 hours per calendar year doing
volunteer work for an approved nonprofit/non-governmental organization;
in recognition of the employee's effort, Alcoa contributes $250 to the
nonprofit organization. ACTION (Alcoans Coming Together In Our
Neighborhoods) recognizes the team efforts of at least five Alcoa
employees who spend a minimum of four hours on a community service
project for a local nonprofit/non-governmental organization; in
recognition of the team's effort, Alcoa contributes either $1,500 or
$3,000 to the nonprofit organization, depending on the size of the team.
For more information, visit www.alcoa.com,