Bank of America Community Development Banking (CDB) provided $7.85 billion in loans, tax credit equity investments, and other real estate development solutions in 2022, surpassing a previous record of $6.7 billion in financing in 2021. In its sixth consecutive year of record growth, CDB doubled its financing since 2016.
CDB deployed $5.2 billion in debt commitments and $2.7 billion in investments to help build strong, sustainable communities through affordable housing and economic development across the country.
CDB also invested $200 million in Historic Tax Credits (HTC) and New Markets Tax Credits (NMTC). “Our investments helped restore historically significant, and often unoccupied buildings; supported new job creation by financing mixed-use community/ healthcare centers, charter schools and other developments; and created more than 1,300 affordable and market rate housing units,” stated Maria Barry and Todd Gomez of Bank of America Community Development Banking.
In 2022, CDB doubled the number of affordable housing units it financed in California since 2019. In that time, CDB has financed 96 multifamily developments that created over 10,000 units across 15 markets in California. These service-enriched affordable will provide individuals and families the opportunity to improve their health, education and economic outcomes that are linked to safe, affordable housing.
