Bank of America was number eight on Fortune’s annual “Change the World” list, which ranked 52 companies for innovative business strategies that positively impact the world. Bank of America is the top financial services firm on the list and was recognized for its work to address the affordable housing shortage across the country.
In its profile of the company, Fortune noted that Bank of America was “solving a housing puzzle” through innovative lending, financing and partnerships. Between 2005 and 2018, Bank of America financed 194,500 affordable housing units. In the last two years alone, the company’s Community Development Banking unit financed affordable housing deals in more than 140 cities across the U.S. In 2018, it provided a record $4.7 billion in capital for affordable housing and community development, including financing 15,000 affordable housing units.
Bank of America is also the largest lender to community development financial institutions (CDFIs) in the country, deploying more than $1.5 billion to 255 CDFIs across the U.S. In 2018, the company deployed $79.1 million to CDFIs supporting affordable housing. And, since 2012, the Bank of America Charitable Foundation has provided $108 million in grants to organizations that work in the affordable housing space, including $15 million in grants in 2018.
“Affordable housing provides more than just four walls for residents – it offers safety, stability and contributes to the long-term success of a community,” said Maria Barry, Community Development Banking national executive at Bank of America Merrill Lynch. “That’s why we structure deals with a combination of our private capital, government subsidies and nonprofit partner assistance to help build needed affordable housing in low- and moderate-income areas.”
Bank of America’s focus on affordable housing is rooted in the company’s purpose to make financial lives better, through the power of every connection. Read more about the company’s work to finance affordable housing.
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 2,200 lending centers, 2,400 financial centers with a Consumer Investment Financial Solutions Advisor and 1,700 business centers; approximately 16,600 ATMs; and award-winning digital banking with more than 37 million active users, including approximately 28 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.