B of A used various funding sources including direct lending, tax credit equity investments and real estate development programs.
Up to $1.75 billion was committed to commercial real estate-based lending, up 9% from 2011, and increased year-over-year tax credit and other community development equity investments by more than 20% to $919 million.
The bank’s community development unit partnered with several affordable housing entities in a number of states to provide options for low- and moderate-income families, seniors and veterans.
For example, in Houston, B of A is providing nearly $34 million in debt and equity for the development of 144 apartments for tenants who earn 30% to 60% of the area median income.
In Seattle, more than $7.8 million in loans and $9.6 million in tax credit equity invested through Enterprise Community Investment for Delridge Supportive Housing will generate 66 furnished apartments for formerly homeless individuals and families.
Another $24.5 million in debt and equity will provide 60 apartments for formerly homeless veterans in Long Island, N.Y.