Bank of America Community Development Banking reported providing $7.8 billion in debt and equity financing to help create or preserve 12,600 housing units in 2024.
The total includes significant increases in housing for seniors, with over 2,900 units financed, up 133% from 2023; and housing for the formerly homeless, with more than 1,300 units financed, up 120% from 2023.
“For over 30 years, Bank of America has helped clients build communities that provide the best outcomes for residents,” said Maria Barry, national executive of Community Development Banking at Bank of America. “Affordable housing changes lives, whether for the most vulnerable seniors or the unhoused, as well as middle-income families. With a focus on developments that provide supportive services and access to health care and sustainability, we remain steadfast in our commitment to advising clients and providing solutions to support the communities where we live and work.”
In addition, the Community Development Banking team financed 59 developments, representing more than 6,600 housing units, with a health care component, including Ogden Commons in the North Lawndale neighborhood of Chicago. This is a master development joint-venture partnership between Habitat and Sinai Health, designed to provide affordable housing, located adjacent to preventative and outpatient care.
The division also reported funding 2,500 middle-income or workforce housing units last year.
Bank of America’s banking and markets businesses provided an additional $325 million to support multifamily affordable housing in 2024, and the bank continues to support affordable and sustainable homeownership through its $15 billion Community Homeownership Commitment.
