This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Bank Of America Merrill Lynch Provided More Than $2.6 Billion In Community Development Lending And Investing In 2012

In Seattle, Bank of America Merrill Lynch is providing more than $7.8 million in loans and $9.6 million in tax credit equity through Enterprise Community Investment for Delridge Supportive Housing, which will have 66 furnished apartments for formerly homeless individuals and families. The Downtown Emergency Service Center (DESC) employs a Housing First program based on the premise that people are more likely to be successful in treatment when they have a stable home. The new four-story building also will offer residents 24-hour staffing and on-site case management provided by DESC.

“Supportive housing is humane, cost-effective and a top priority in the Seattle area. This new development in the Delridge neighborhood will help those living with serious mental illnesses, chemical dependencies and long-term homelessness,” said Bill Hobson, executive director of DESC. “By eliminating the chaos of living on the streets, this project will improve the quality of life for its residents and reduce their use of expensive emergency response services, benefiting the broader community.”

Community Development Banking also is providing $24.5 million in debt and equity for Concern Amityville, which will have 60 apartments for formerly homeless veterans in Long Island, New York. Located on a former U.S. Army Reserve site, the development by Concern for Independent Living will provide residents with comprehensive support services and counseling on health care, entitlements and benefits, mental health, and employment.

“This commitment will be invaluable for helping veterans who are in need of safe, affordable housing," said Ralph Fasano, executive director of Concern for Independent Living. “Bank of America Merrill Lynch has been a key part of the project team, providing the right financial solutions to help move this much-needed development forward.”

Bank of America Merrill Lynch is a leader in affordable housing finance nationally, providing financing for more than 114,000 units over the past eight 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.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,088.25 +50.28 0.28%
S&P 500 2,113.83 +4.91 0.23%
NASDAQ 5,060.0990 -0.1470 -0.00%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs