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.