Bank of America Community Development Banking Provided a Record $4.88 Billion in Lending and Investing in 2019
21 February 2020 - 1:00AM
Business Wire
Bank of America Community Development Banking (CDB) provided a
record $4.88 billion in loans, tax credit equity investments, and
other real estate development solutions, surpassing last year’s
record of $4.7 billion. CDB delivers innovative financing solutions
to help create affordable housing for individuals, families,
seniors, students, veterans, the formerly homeless, and those with
special needs. These efforts are part of the company’s commitment
to deploying capital to address global issues outlined in the
United Nations Sustainable Development Goals (SDGs).
Bank of America Global Corporate and Investment Banking also
provided $351 million in tax credit investments, resulting in an
additional 4,400 affordable housing units for a total of $5.23
billion in affordable housing financing from Bank of America.
Banc of America Community Development Corporation (BACDC) is the
nation's oldest and largest bank-owned CDC, offering support from
pre-development to property stabilization. In 2019, BACDC
celebrated the opening of Creative Village in Orlando, Fla. – a
unique combination of housing, education, office retail and dining
space, and the home to new University of Central Florida and
Valencia College campuses. As part of its commitment to Central
Florida, BACDC and its partners completed the development of Amelia
Court Apartments, creating much-needed affordable housing within
Creative Village.
“Bank of America Community Development Banking continues to
deliver consistently for its clients and the market, recently
completing its third consecutive year of record growth,” said Maria
Barry, Community Development Banking national executive at Bank of
America. “The need for affordable housing remains high, and we have
the capacity to deploy capital and offer customized debt and equity
solutions, while helping clients build the communities in which we
live and work. We have worked hard to improve efficiency, delivery
and process to simplify the client experience, while offering the
bank’s full suite of products and services.”
In 2019, CDB-financed developments produced more than 9,200
housing units, of which, more than 8,200 were affordable,
including:
- 3,657 green housing units.
- 1,818 housing units for seniors.
- 1,213 units for veterans, special needs and the formerly
homeless.
- 640 units for workforce housing.
In addition, CDB financed 1,769 student seats in charter schools
across the country.
CDB deployed $3.1 billion in debt commitments and $1.78 billion
in investments to help build strong, sustainable communities
through affordable housing, charter schools and economic
development across the country. Some high-impact projects closed in
2019 include:
- Sendero Verde Phase One, East Harlem, N.Y. – The bank
provided a $105.4 million letter of credit and $85.3 million in
equity investment to develop 361 newly constructed mixed-income
housing units. Co-developed by L+M Development Partners Inc.,
Jonathan Rose Companies LLC, and Acacia Network Inc., the property
will include a fitness center, community room, library, rooftop
terrace and shared yard, and community gardens, as well as space
for a school and senior center. It will be built to Passive House
certification and Enterprise Green Communities Program
standards.
- Gannet Pointe Apartments, Kissimmee, Fla. – This new
construction affordable housing development will be comprised of an
80-unit, multifamily property and clubhouse building, with
supportive housing reserved for formerly homeless and special needs
residents. The bank provided a $7.56 million construction loan,
$14.42 million in a 9% low-income housing tax credit (LIHTC) equity
investment, and a $1.2 million permanent loan to co-developers
Birdsong Housing Partners and Ability Housing, Inc.
- Rocketship Legacy Prep, Washington, D.C. – The bank
provided $14.7 million in mini-perm financing to an affiliate of
Turner-Agassi Charter School Facilities Fund II to help renovate
and expand this public charter school serving pre-K to fifth-grade
students. Building and site improvements will include a new
gymnasium and cafeteria, breakout/flex rooms, offices, parking
lots, walkways, driveways, fencing, a playground and landscaping on
the 1.7-acre site.
- Crown Court Apartments, Matthews, N.C. – The bank
provided The Housing Partnership a $12.52 million construction
loan, a $5.37 million permanent loan, and $9.9 million in a 9%
LIHTC equity investment to finance this 103-unit affordable,
independent-living senior housing development. It is named for
Nancy Crown, an 18-year Bank of America employee, who passed away
in 2017. Crown dedicated her professional life to creating
affordable housing for those most in need.
- Clark Commons, Flint, Mich. – The bank provided Norstar
Development USA, L.P. with a $12.8 million construction loan and a
$14.5 million LIHTC equity investment to help create 62 affordable
housing units. As part of the HUD Choice Neighborhood
Implementation program, the city was awarded $30 million to
transform neighborhoods of poverty into mixed-income communities by
revitalizing severely distressed housing and investing in services,
educational programs, public transportation and employment.
- Crestview Terrace at Arrowhead Grove, San Bernardino,
Calif. – The new construction, mixed-income, multi-family housing
development is the second phase of a 411-unit master plan developed
by National CORE. Arrowhead Grove is a former 38-acre public
housing project that is being redeveloped through HUD’s Rental
Assistance Demonstration (RAD) program. The bank provided a $55
million construction loan and $25 million in 4% LIHTC equity
financing to help build 184-affordable housing units, community
center, pool and playground.
Bank of America originated more than $325 million in loans as
part of our more than $1.5 billion investment in 255 community
development financial institutions to finance affordable housing,
economic development projects, small businesses, health care
centers, charter schools, and other community facilities and
services.
The Bank of America Charitable Foundation also provided $51
million in grants to more than 1,600 nonprofit organizations –
including Enterprise Community Partners, Habitat for Humanity,
Local Initiatives Support Corporation, Mercy Housing and
NeighborWorks America – that connect individuals and families to
affordable housing and advance economic development. These
investments are part of the foundation’s focus on increasing
economic mobility by addressing workforce, education, community
revitalization, and basic needs. In addition, Bank of America
volunteers gave more than 160,000 volunteer hours last year to
support community development organizations in local communities
around the globe.
Bank of America Bank of America is one of the world’s leading
financial institutions, serving individual consumers, small and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
66 million consumer and small business clients with approximately
4,300 retail financial centers, including approximately 2,800
lending centers, 2,600 financial centers with a Consumer Investment
Financial Solutions Advisor and 2,000 business centers;
approximately 16,800 ATMs; and award-winning digital banking with
approximately 38 million active users, including approximately 29
million mobile users. Bank of America is a global leader in wealth
management, corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations across the United States, its territories and
approximately 35 countries. Bank of America Corporation stock
(NYSE: BAC) is listed on the New York Stock Exchange.
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version on businesswire.com: https://www.businesswire.com/news/home/20200220005260/en/
Anu Ahluwalia, Bank of America, 1.646.855.3375
anu.ahluwalia@bofa.com
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