Bank of America Community Development Banking Provided a Record $4.88 Billion in Lending and Investing in 2019

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.