BoA to Invest $100M in Gulf 'CD Banking'

Bank of America is lending a helping hand to the Gulf Coast areas devastated by hurricanes Katrina and Rita by investing $100 million in a "community development banking" effort to rebuild affordable housing and revitalize neighborhoods.BoA said it will also make available 200 apartments to displaced families in Georgia, Florida, Tennessee, and Texas. The CDB initiative includes $60 million in new construction and redevelopment loans dedicated to secure affordable housing units, and $40 million for affordable housing development and community revitalization through tax credit investments. In addition, BoA said it will partner with nonprofits like The Enterprise Social Investment Corp. and the National Equity Fund.