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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Bank Of America Merrill Lynch Provided More Than $3.3 Billion In Community Development Banking Lending And Investing In 2013

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.

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!
DOW 17,122.01 +15.31 0.09%
S&P 500 2,000.12 +0.10 0.00%
NASDAQ 4,569.6210 -1.0160 -0.02%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs