Bank of America Merrill Lynch Community Development Banking (CDB) provided almost $4 billion in loans, tax credit equity investments and other real estate development solutions to individuals, families, veterans, seniors and the previously homeless last year.
Specifically, $2.7 billion was offered in debt commitments, with $36 million of that in Federal Housing Authority (FHA) loans, while $1.2 billion was provided in new equity investments. Overall, these loans and investments supported 13,200 housing units in 2016, including 12 “green” projects.
CDB also provided $2.2 billion as investor and lender to complete the San Francisco Rental Assistance Demonstration (SF-RAD), the largest and most complex RAD financing in the United States to date. Through this project, 3,500 public housing units were developed at 29 properties into sustainable low-income housing for more than 10,000 San Francisco residents. The formerly public housing is now owned and managed by private entities committed to maintaining quality affordable housing.
Another project the CDB supported in 2016 was the St. Albans Cycle of Life affordable housing project, which provided 67 housing units in Queens, New York. CDB gave a $13.6 million construction loan and $17.8 million in low-income housing tax credits.
The bank provided an $8.5 million tax-exempt construction loan and $4 million in permanent debt financing for N. Street Village project in Washington, DC. It supported the redevelopment of 95 units of affordable multifamily housing for homeless and low-income individuals and families.
“Our goal is to provide our clients the right combination of financial tools to best serve the individual needs of their projects,” Maria Barry, Bank of America Merrill Lynch CDB executive, said. “In 2016, we expanded our permanent debt platform to include a number of proprietary long-term financing products to provide our clients seamless execution.”
She said the bank seeks to provide sustainable solutions that promote healthy and thriving communities.
“In 2016, we streamlined our delivery, made strategic hires and expanded our existing financial offerings to offer innovative solutions for our clients,” Barry said.