Bank of America Merrill Lynch announced that it provided more than $2.6 billion for community development last year that will help to create nearly 11,000 affordable housing units.
The 2012 activity included $1.75 billion in commercial real estate lending, up 9 percent from 2011. The company also made $919 million in various tax credit investments and other community development equity, up more than 20 percent from the prior year.
The tax credit investments included about $801 million in low-income housing tax credits.
"Our Community Development Banking success in 2012 is just the latest illustration of Bank of America Merrill Lynch's leadership in helping to finance and support affordable housing development across the country," said Maria Barry, community development banking executive, in a statement.
The bank provided several examples of recent projects it has helped to finance.
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).
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 project also will help those living with mental illness, chemical dependencies, and long-term homelessness. D
owntown Emergency Service Center 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. It 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, N.Y. 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.
