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Lending / The Ticker

Bank of America raises affordable housing commitment

BofA provided $3.3 billion for affordable housing in 2013

Bank of America
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Bank of America Merrill Lynch (BAC) upped its commitment to providing affordable housing in America by more than 25% in 2013.

In 2013, through its Community Development Banking business, the bank provided more than $3.3 billion in loans and tax credit equity investment.

That commitment will help create more than 13,600 affordable housing units in total.

“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, an executive at the community banking business.

“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," Barry added.

Here are some examples of the 2013 BofA philanthropy:

In San Diego, BofA is providing $44 million in financing and $33 million in equity investment for the construction of 200 affordable housing units.

BofA is providing more than $23 million in construction financing and more than $25 million in tax credit equity for the conversion of a former school in Worcester, Mass., into 84 units of mixed-income multi-family housing.

In Fort Worth, Texas, Bank of America Merrill Lynch is providing $16.5 million in loans and $13.3 million in tax credit equity for the construction of 120 affordable apartments in six new buildings. 

BofA provided more than $23 million in grants to more than 900 organizations – such as Habitat for Humanity, Local Initiatives Support Corporation and Enterprise Community Partners.

BofA volunteers gave nearly 200,000 volunteer hours each year to support community development organizations in local communities across the country.

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