Bank of America Merrill Lynch announced on Wednesday that it provided more than $1.6 billion in loans, tax credit equity investments and other real estate development solutions in the first half of the year.
The commitments were double the lending and investing for the same period last year and will help to create over 6,500 housing units. The bank provided financial solutions for developments that benefit low- to moderate-income families.
The bank’s community development unit provided approximately $1 billion in commercial real estate-based lending, a 67 percent increase from $600 million one year ago. BofA Merrill Lynch has made more than $664 million in tax credit investments, more than twice the amount invested last year.
“As these big increases in loans and investments show, demand for affordable housing, charter schools and other community development projects remains strong,” Maria Barry, the community development banking executive at BofA Merrill Lynch, said. “By working with others who are dedicated to improving neighborhoods, Bank of America Merrill Lynch is proud to build on its long-standing leadership in community development and help create even more homes for people in need.”
Additionally, BofA Merrill Lynch has pledged $16.1 million in construction financing and $16.2 million in indirect tax credit equity to develop studio units for formerly homeless citizens in Los Angeles. The New Pershing project is currently being developed by the Skid Row Housing Trust, which provides over 1,500 units of permanent housing for some of L.A.’s poorest residents.
BofA Merrill Lynch has also committed to provide more than $12 million in loans and $18 million in New Market Tax Credit Investments for a Washington, D.C.-area school. The bank has also vowed to commit more than $15.2 million in loans and nearly $24.7 million in Low Income Housing Tax Credit Investments for the Joe Moretti Apartments in Miami.