NEW YORK, NY – Bank of America Community Development Banking provided $7.8 billion in debt and equity financing last year to help create and preserve 12,600 housing units for individuals, families, seniors, veterans, the formerly homeless and those with special needs.

Bank of America helps build strong and safe communities through affordable housing and economic opportunities across the United States, supporting clients, communities and residents. Community Development Banking clients are served by a dedicated banking team with a continued commitment to financing affordable housing through all economic cycles. This creates stability for communities and residents who also benefit from increased access to health care, wellness and nutrition resources, job training and placement services, childcare and educational resources.

“For over 30 years, Bank of America has helped clients build communities that provide the best outcomes for residents,” said Maria Barry, National Executive of Community Development Banking at Bank of America. “Affordable housing changes lives, whether for the most vulnerable seniors or the unhoused, as well as middle-income families. With a focus on developments that provide supportive services and access to healthcare and sustainability, we remain steadfast in our commitment to advising clients and providing solutions to support the communities where we live and work.”

In 2024, Community Development Banking financing resulted in:

Helping Clients Make an Impact on Communities

In 2024, homelessness increased by 18%, reaching a record high according to U.S. Department of Housing and Urban Development, causing the affordable housing crisis to expand into communities that weren’t previously affected. 

Community Development Banking is committed to helping clients navigate challenges and mitigate risk through its industry-leading thought leadership, digital tools, treasury solutions and advisory capabilities available through its integrated debt and equity platform. In 2024, Community Development Banking delivered significant increases in housing for seniors, with over 2,900 units financed, up 133% from 2023; and housing for the formerly homeless, with more than 1,300 units financed, up 120% from 2023.

Health & Housing Creates Better Results for Residents

Access to health care and wellness resources plays a key role in the strength and stability of a community, which is multiplied when paired with affordable housing. This includes access to primary and preventative care, healthy and nutritious foods and essential services such as prenatal, pediatric and geriatric care. By addressing both affordable housing and healthcare needs, communities are better positioned to thrive, with residents experiencing improved physical, mental and emotional well-being.

In 2024, Community Development Banking financed 59 developments, representing 6,600+ housing units, with a health care component, including Ogden Commons, in the North Lawndale neighborhood of Chicago. This is a master development joint venture partnership between Habitat Company and Sinai Health, designed to provide affordable housing, located adjacent to preventative and outpatient care. The goal is to prevent unnecessary hospitalizations and focus on preventive care.

Investments into the future

BofA continues to invest in the future of the affordable housing industry. For 34 years, Community Development Banking has hosted the Affordable Housing Challenge, a competition in which undergraduate and graduate teams propose impactful affordable housing developments. It has served as a launching pad, with many participants finding careers in affordable housing.

The company has also supported affordable housing developers through its Neighborhood Builders awards, which provide grants and executive leadership training to nonprofit organizations across the country. The bank also helped summer interns work with these nonprofits through its Student Leaders program.

Harnessing the strength and reach of Bank of America, its banking and markets businesses provided an additional $325 million in financing to support multi-family affordable housing in 2024. The bank also continues to support affordable and sustainable homeownership through its $15 billion Community Homeownership Commitment. 

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 69 million consumer and small business clients with 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 58 million verified digital 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 4 million small business households 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 more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange (NYSE: BAC).

Reporters may contact:

Anu Ahluwalia, Bank of America
Phone: 1.646.855.3375
anu.ahluwalia@bofa.com