Bank of America Merrill Lynch Provided More Than $2.6 Billion in Community Development Lending and I
Bank of America Merrill Lynch Provided More Than $2.6 Billion in Community Development Lending and Investing in 2012
Financing and Equity Commitments Across the U.S. Will Help Create Nearly 11,000 Affordable Housing Units
CHARLOTTE, N.C.--(BUSINESS WIRE)-- Through its delivery of lending, tax credit equity investments and real estate development solutions, Bank of America Merrill Lynch in 2012 provided more than $2.6 billion for community development - commitments that will help create nearly 11,000 affordable housing units.
Working closely with organizations that specialize in affordable housing, Community Development Banking at Bank of America Merrill Lynch provided financial solutions for developments in several states. The 2012 activity included $1.75 billion in commercial real estate-based lending, up 9 percent from 2011. The company also made $919 million in tax credit investments and other community development equity, up more than 20 percent from the previous year.
"Our Community Development Banking success in 2012 is just the latest illustration of Bank of America Merrill Lynch's leadership in helping finance and support affordable housing development across the country," said Maria Barry, Community Development Banking executive. "For more than 30 years, we have valued our commitment to revitalizing communities. Our 2012 performance clearly shows that this commitment remains as strong as ever."
Financing and equity commitments by Community Development Banking include developments for low- and moderate-income families, seniors, and veterans, as well as supportive housing efforts and projects that incorporate green and transit-oriented elements.
In Houston, Community Development Banking is providing nearly $34 million in debt and equity for Justice Park Senior Villas. Developed by Blazer Building Inc., the 144 apartments will be for low- and moderate-income seniors who earn 30 percent to 60 percent of the area median income (AMI).
"Bank of America Merrill Lynch and Blazer Building have a long, successful relationship, and this development is another great example," said Chris Richardson, president of Blazer Building. "We are excited about Justice Park Villas and what it will offer seniors, and we appreciate the innovative lending and investing solutions that helped make this project happen."
In Seattle, Bank of America Merrill Lynch is providing more than $7.8 million in loans and $9.6 million in tax credit equity through Enterprise Community Investment for Delridge Supportive Housing, which will have 66 furnished apartments for formerly homeless individuals and families. The Downtown Emergency Service Center (DESC) employs a Housing First program based on the premise that people are more likely to be successful in treatment when they have a stable home. The new four-story building also will offer residents 24-hour staffing and on-site case management provided by DESC.
"Supportive housing is humane, cost-effective and a top priority in the Seattle area. This new development in the Delridge neighborhood will help those living with serious mental illnesses, chemical dependencies and long-term homelessness," said Bill Hobson, executive director of DESC. "By eliminating the chaos of living on the streets, this project will improve the quality of life for its residents and reduce their use of expensive emergency response services, benefiting the broader community."
Community Development Banking also is providing $24.5 million in debt and equity for Concern Amityville, which will have 60 apartments for formerly homeless veterans in Long Island, New York. Located on a former U.S. Army Reserve site, the development by Concern for Independent Living will provide residents with comprehensive support services and counseling on health care, entitlements and benefits, mental health, and employment.
"This commitment will be invaluable for helping veterans who are in need of safe, affordable housing," said Ralph Fasano, executive director of Concern for Independent Living. "Bank of America Merrill Lynch has been a key part of the project team, providing the right financial solutions to help move this much-needed development forward."
Bank of America Merrill Lynch is a leader in affordable housing finance nationally, providing financing for more than 114,000 units over the past eight years. Community Development Banking includes the Bank of America Community Development Corp., which serves as a development partner and provides equity and tax credit guarantees as well as financing for properties in low- and moderate-income communities across the country.
Bank of America
Bank of America is one of the world's largest 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 53 million consumer and small business relationships with approximately 5,500 retail banking offices and approximately 16,300 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in 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 in more than 40 countries. Bank of America Corporation stock (NYS: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured * May Lose Value * Are Not Bank Guaranteed. ©2012 Bank of America Corporation.
Visit the Bank of America newsroom for more Bank of America news.
Reporters May Contact:
Jefferson George, Bank of America Merrill Lynch, 1.980.683.4798
KEYWORDS: United States North America North Carolina
The article Bank of America Merrill Lynch Provided More Than $2.6 Billion in Community Development Lending and Investing in 2012 originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.