Bank of America Merrill Lynch Community Development Banking (CDB) provided a record $4.7 billion in loans, tax credit equity investments and other real estate development solutions, surpassing last year’s record financing of US$4.53 billion.
It deployed $3 billion in debt commitments and $1.7 billion in new equity investments to help build strong communities by financing affordable housing, charter schools and economic development across the United States. 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).
“We remain committed to financing deals that make a lasting impact in the communities we serve”
“We remain committed to financing deals that make a lasting impact in the communities we serve,” said Maria Barry, Community Development Banking national executive at Bank of America Merrill Lynch. “Bringing the full resources of the bank, Community Development Banking takes a holistic approach to help provide safe affordable housing, educational opportunities and economic development to help support the long-term sustainability of communities across the country.”
Much of this effort is driven by creating affordable housing for individuals, families, seniors, students, veterans, the formerly homeless, those with special needs and other at-risk groups.
In 2018, the developments CDB financed produced more than 16,000 housing units, of which, over 15,000 were affordable, including:
– 3,265 green housing units.
– 4,706 housing units for seniors.
– 1,520 units for veterans, special needs and the formerly homeless.
In January 2019, Bank of America issued its first social bond, becoming the first U.S. bank to issue a social bond. The net proceeds will refinance the company’s investments in affordable housing and community development financial institutions (CDFIs), supporting the company’s efforts to address pressing issues that impact low- to moderate-income neighborhoods in the United States.