Through its delivery of lending, tax credit equity investments and real estate development solutions, Bank of America Merrill Lynch in 2012 provided more than $2.6 billion for community development – commitments that will help create nearly 11,000 affordable housing units.
Working closely with organizations that specialize in affordable housing, Community Development Banking at Bank of America Merrill Lynch provided financial solutions for developments in several states. The 2012 activity included $1.75 billion in commercial real estate-based lending, up 9 percent from 2011. The company also made $919 million in tax credit investments and other community development equity, up more than 20 percent from the previous year.
“Our Community Development Banking success in 2012 is just the latest illustration of Bank of America Merrill Lynch’s leadership in helping finance and support affordable housing development across the country,” said Maria Barry, Community Development Banking executive. “For more than 30 years, we have valued our commitment to revitalizing communities. Our 2012 performance clearly shows that this commitment remains as strong as ever.”
Financing and equity commitments by Community Development Banking include developments for low- and moderate-income families, seniors, and veterans, as well as supportive housing efforts and projects that incorporate green and transit-oriented elements.
In Houston, Community Development Banking is providing nearly $34 million in debt and equity for Justice Park Senior Villas. Developed by Blazer Building Inc., the 144 apartments will be for low- and moderate-income seniors who earn 30 percent to 60 percent of the area median income (AMI).
“Bank of America Merrill Lynch and Blazer Building have a long, successful relationship, and this development is another great example,” said Chris Richardson, president of Blazer Building. “We are excited about Justice Park Villas and what it will offer seniors, and we appreciate the innovative lending and investing solutions that helped make this project happen.”