BANK OF AMERICA
Financing and Equity Commitments Across the U.S. Will Help Create More Than 2,800 Affordable Housing Units
As part of its goal to help revitalize communities through lending, tax credit equity investments and real estate development, Bank of America Merrill Lynch in the first half of 2012 provided $855 million in financing and investments for community development – a commitment that help create more than 2,800 affordable housing units.
Through its Community Development Banking business, Bank of America Merrill Lynch provided financial solutions for developments in several states, working closely with organizations that specialize in affordable housing. Financing and equity commitments include developments for low- and moderate-income families, seniors, and veterans, as well as projects that incorporate green and transit-oriented elements.
“Community Development Banking is dedicated to providing thoughtful advice and innovative solutions to developers of affordable housing across the United States,” said Maria Barry, Community Development Banking executive at Bank of America Merrill Lynch. “We’re proud to be recognized by the industry as one of the nation’s largest, most active affordable housing lenders and investors. Our performance in the first half of 2012 is another example of how Bank of America Merrill Lynch is helping create positive impacts in neighborhoods from coast to coast.”
Bank of America Merrill Lynch’s 2012 first-half activity included more than $600 million in Community Development Banking commercial real estate-based lending, nearly $252 million in tax credit investments and more than $3 million in other community development equity.
In North Easton, Mass., Community Development Banking is providing more than $28.4 million in credit and equity for Ames Shovel Works, a former factory complex that is being converted into 113 residences. This historic site, where the original shovel company began operating in 1774, is being developed by Beacon Communities, which has more than 40 years of history creating and maintaining successful mixed-income communities.
“We’re excited to provide affordable and workforce housing through the transformation of Ames Shovel Works,” said Howard Cohen, CEO of Beacon Communities. “Saving this endangered landmark was a collaborative effort, and Bank of America Merrill Lynch is a key part of the team, providing the right financial solutions to help move this complex project forward.”
Community Development Banking also is providing more than $19.8 million in credit and equity for Lillian Jones Apartments in Baltimore, Md. Developed by the French Development Co., the site in East Baltimore’s Johnston Square community will have 74 affordable rental apartments – all for families with incomes at or below 50 percent of area median income (AMI).
“Lillian Jones Apartments will transform vacant buildings and vacant lots into much-needed affordable housing, setting a standard for future development in a neighborhood challenged by blight,” said Jim French, president, The French Development Company. “Through financing and investment, Bank of America Merrill Lynch is playing a significant role in making these new homes a reality.”
In Dickson, Tenn., Community Development Banking is providing more than $4.6 million in construction and permanent financing for Dickson Gardens. Developed by Arrington Developers, Dickson Gardens will have six buildings with 48 apartments for senior households with incomes at or below 60 percent AMI.
“High-quality affordable housing for seniors is a growing need for communities, and we’re pleased to once again work with Bank of America Merrill Lynch to help meet this demand,” said Dale Lancaster, president of Arrington Developers.
Bank of America Merrill Lynch is a leader in affordable housing finance nationally, providing financing for more than 103,000 units over the past seven years. Community Development Banking includes the Bank of America Community Development Corp., which serves as a development partner and provides equity and tax credit guarantees as well as financing for properties in low- and moderate-income communities across the country.
To learn more about Bank of America’s lending and investing activities in low-income communities, read the 2011 Corporate Social Responsibility Report.
Bank of America
Bank of America is one of the world's largest 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 56 million consumer and small business relationships with approximately 5,600 retail banking offices and approximately 16,200 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in 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 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities.
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