NEW YORK–(BUSINESS WIRE)–Bank of America Community Development Banking (CDB) provided a record $4.88 billion in loans, tax credit equity investments, and other real estate development solutions, surpassing last year’s record of $4.7 billion. CDB delivers innovative financing solutions to help create affordable housing for individuals, families, seniors, students, veterans, the formerly homeless, and those with special needs. These efforts are part of the company’s commitment to deploying capital to address global issues outlined in the United Nations Sustainable Development Goals (SDGs).
Bank of America Global Corporate and Investment Banking also provided $351 million in tax credit investments, resulting in an additional 4,400 affordable housing units for a total of $5.23 billion in affordable housing financing from Bank of America.
Banc of America Community Development Corporation (BACDC) is the nation’s oldest and largest bank-owned CDC, offering support from pre-development to property stabilization. In 2019, BACDC celebrated the opening of Creative Village in Orlando, Fla. – a unique combination of housing, education, office retail and dining space, and the home to new University of Central Florida and Valencia College campuses. As part of its commitment to Central Florida, BACDC and its partners completed the development of Amelia Court Apartments, creating much-needed affordable housing within Creative Village.
“Bank of America Community Development Banking continues to deliver consistently for its clients and the market, recently completing its third consecutive year of record growth,” said Maria Barry, Community Development Banking national executive at Bank of America. “The need for affordable housing remains high, and we have the capacity to deploy capital and offer customized debt and equity solutions, while helping clients build the communities in which we live and work. We have worked hard to improve efficiency, delivery and process to simplify the client experience, while offering the bank’s full suite of products and services.”
In 2019, CDB-financed developments produced more than 9,200 housing units, of which, more than 8,200 were affordable, including:
- 3,657 green housing units.
- 1,818 housing units for seniors.
- 1,213 units for veterans, special needs and the formerly homeless.
- 640 units for workforce housing.
In addition, CDB financed 1,769 student seats in charter schools across the country.
CDB deployed $3.1 billion in debt commitments and $1.78 billion in investments to help build strong, sustainable communities through affordable housing, charter schools and economic development across the country. Some high-impact projects closed in 2019 include:
- Sendero Verde Phase One, East Harlem, N.Y. – The bank provided a $105.4 million letter of credit and $85.3 million in equity investment to develop 361 newly constructed mixed-income housing units. Co-developed by L+M Development Partners Inc., Jonathan Rose Companies LLC, and Acacia Network Inc., the property will include a fitness center, community room, library, rooftop terrace and shared yard, and community gardens, as well as space for a school and senior center. It will be built to Passive House certification and Enterprise Green Communities Program standards.
- Gannet Pointe Apartments, Kissimmee, Fla. – This new construction affordable housing development will be comprised of an 80-unit, multifamily property and clubhouse building, with supportive housing reserved for formerly homeless and special needs residents. The bank provided a $7.56 million construction loan, $14.42 million in a 9% low-income housing tax credit (LIHTC) equity investment, and a $1.2 million permanent loan to co-developers Birdsong Housing Partners and Ability Housing, Inc.
- Rocketship Legacy Prep, Washington, D.C. – The bank provided $14.7 million in mini-perm financing to an affiliate of Turner-Agassi Charter School Facilities Fund II to help renovate and expand this public charter school serving pre-K to fifth-grade students. Building and site improvements will include a new gymnasium and cafeteria, breakout/flex rooms, offices, parking lots, walkways, driveways, fencing, a playground and landscaping on the 1.7-acre site.
- Crown Court Apartments, Matthews, N.C. – The bank provided The Housing Partnership a $12.52 million construction loan, a $5.37 million permanent loan, and $9.9 million in a 9% LIHTC equity investment to finance this 103-unit affordable, independent-living senior housing development. It is named for Nancy Crown, an 18-year Bank of America employee, who passed away in 2017. Crown dedicated her professional life to creating affordable housing for those most in need.
- Clark Commons, Flint, Mich. – The bank provided Norstar Development USA, L.P. with a $12.8 million construction loan and a $14.5 million LIHTC equity investment to help create 62 affordable housing units. As part of the HUD Choice Neighborhood Implementation program, the city was awarded $30 million to transform neighborhoods of poverty into mixed-income communities by revitalizing severely distressed housing and investing in services, educational programs, public transportation and employment.
- Crestview Terrace at Arrowhead Grove, San Bernardino, Calif. – The new construction, mixed-income, multi-family housing development is the second phase of a 411-unit master plan developed by National CORE. Arrowhead Grove is a former 38-acre public housing project that is being redeveloped through HUD’s Rental Assistance Demonstration (RAD) program. The bank provided a $55 million construction loan and $25 million in 4% LIHTC equity financing to help build 184-affordable housing units, community center, pool and playground.
Bank of America originated more than $325 million in loans as part of our more than $1.5 billion investment in 255 community development financial institutions to finance affordable housing, economic development projects, small businesses, health care centers, charter schools, and other community facilities and services.
The Bank of America Charitable Foundation also provided $51 million in grants to more than 1,600 nonprofit organizations – including Enterprise Community Partners, Habitat for Humanity, Local Initiatives Support Corporation, Mercy Housing and NeighborWorks America – that connect individuals and families to affordable housing and advance economic development. These investments are part of the foundation’s focus on increasing economic mobility by addressing workforce, education, community revitalization, and basic needs. In addition, Bank of America volunteers gave more than 160,000 volunteer hours last year to support community development organizations in local communities around the globe.
Bank of America
Bank of America is one of the world’s leading 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 approximately 66 million consumer and small business clients with approximately 4,300 retail financial centers, including approximately 2,800 lending centers, 2,600 financial centers with a Consumer Investment Financial Solutions Advisor and 2,000 business centers; approximately 16,800 ATMs; and award-winning digital banking with approximately 38 million active users, including approximately 29 million mobile users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and approximately 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.