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:
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:
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 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.
Reporters May Contact:
Anu Ahluwalia, Bank of America