Bank of America
Investing in affordable housing, promoting safer and healthier communities
Bank of America is delivering innovative, full-service lending solutions supporting affordable housing developments, community facilities, and mixed-use commercial and residential real estate projects from coast-to-coast.
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Seniors and disabled individuals will have access to affordable multi-family housing in St. Petersburg, FL thanks to Bank of America Merrill Lynch. The bank provided more than $10 million in construction to permanent loan under its Special Bond Offering (SBO) Product. In the heart of downtown St. Petersburg, the Veridian stands 11-stories high and includes 188 modern affordable senior/disabled multifamily housing units and includes energy efficient appliances, upgraded elevators, a native community garden with Florida-friendly landscaping and updated apartment homes. These ripple effects from the initial investment are powerful examples of how Bank of America encourages positive effects, magnifying and multiplying the power of its financial capital.
Another example includes $30 million in construction financing for a new project comprised of 17 buildings on 12 acres in San Sevaine, Rancho Cucamonga, CA. The project includes 225 units of affordable and workforce rental housing designated for families with 35% of area median income and offers a 6,500 sq ft community center, swimming pool, several green play areas and carports. An onsite service coordinator will also link residents with job training, continuing education and after-school programs.
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Through Community Development Financial Institutions (CDFIs), Bank of America also promotes affordable housing by providing financing and technical assistance to those unable to qualify for traditional bank financing. The bank is currently providing more than $1 billion of loans and investments to more than 120 organizations. Some examples of how Bank of America is encouraging positive effects in communities through CDFI investments include: |
- An $80 million investment, resulting in rehabilitated affordable housing for individuals and families. This year, the bank was a lead investor in a $400 million revolving loan financing to Community Investment Corporation (CIC), one of the nation’s largest CDFI loan funds operating in Chicago. Since its inception, CIC has used this financing to support the rehabilitation of 42,000 units of affordable housing – enough to accommodate more than 100,000 people.
- A $4 million Program Related Investment to NeighborWorks Capital Corporation, supporting the construction and preservation of 350 affordable housing units and 48,000 square feet of office, retail or community space. This CDFI provides low-cost, flexible financing for the development of affordable housing. To date this year, NeighborWorks® Capital has committed or closed nine loans totaling $6.75 million, leveraging $55 million in construction or permanent financing in neighborhoods across the country.
To learn more about how Bank of America is helping communities, please Click Here.