Bank of America has provided $20 million to finance the creation and preservation of affordable housing units in the New York City area through The Community Preservation Corp. and pledged to provide another $80 million to various local organizations within six months.BoA said its community development banking group plans to help finance over 800 apartments in Brooklyn, another 200 in Yonkers, and 375 in Newburgh. According to BoA's New York market president Carter McClelland, the CPC financing "is the first of many efforts in support of affordable housing and community development in the New York metro area. New York is a very important market for us." CPC is a nonprofit commercial real estate mortgage lender.
Processing Content
