Through its Community Development Banking business, Bank of America Merrill Lynch provided more than $3.3 billion in loans, tax credit equity investments and other real estate development solutions in 2013. Those commitments were up more than 25 percent from 2012 lending and investing and will help create more than 13,600 affordable housing units.
Working closely with organizations that help revitalize communities, Bank of America Merrill Lynch provided financial solutions for developments that benefit low- and moderate-income families, seniors, veterans, students and other groups across the country. Loans and investments also include supportive housing efforts and projects that incorporate green and transit-oriented elements.
Community Development Banking activity in 2013 included nearly $2.2 billion in commercial real estate-based lending, up more than 25 percent from the previous year. Bank of America Merrill Lynch also made more than $1.1 billion in tax credit investments last year – a roughly 20 percent increase over 2012 – and is a leader in affordable housing finance nationally, providing financing for more than 128,000 units over the past nine years.
Community Development Banking includes the Banc of America Community Development Corp. (BACDC), which serves as a development partner and provides debt and equity financing for properties in low- and moderate-income communities across the country. In 2013, BACDC completed more than $90 million in developments and began construction on more than $100 million in developments.
“Our 2013 lending and investing is a testament to how committed Bank of America Merrill Lynch is to providing affordable housing and revitalizing neighborhoods across the U.S.,” said Maria Barry, Community Development Banking executive. “As demand for low- and mixed-income housing, charter schools and other projects remains strong, our increased support for these efforts confirms the long-standing leadership Bank of America Merrill Lynch has shown in community development.”
In San Diego, Bank of America Merrill Lynch is providing $44 million in financing and $33 million in equity investment for the construction of 200 affordable housing units for families, seniors and young people formerly in foster care. The apartments are part of a multi-phase project by BRIDGE Housing that will convert a former industrial neighborhood into a vibrant, transit-oriented, mixed-use community.