San Diego Business Journal

BofA Merrill Lynch’s Community Development Banking Supports Local 200 Unit Development

By Mike Allen Monday, February 3, 2014

Bank of America Merrill Lynch’s Community Development Banking business said it provided more than $3.3 billion in loans, tax credit equity investments and other real estate development solutions last year including $44 million in financing and $33 million in equity investment for the construction of an affordable housing project in San Diego.

The 200-unit apartments are part of a multiphase project by Bridge Housing that will convert a former industrial neighborhood into a transit-oriented, mixed-use community.

Nationally, BofA Merrill Lynch said its $3.3 billion in loans, tax credit equity investments amounted to 25 percent increase over what it did in 2012, and will help create about 13,600 affordable housing units, the banking unit said.

“Our 2013 lending and investing is a testament to how committed Bank of America Merrill Lynch is to providing affordable housing and revitalizing neighborhoods across the U.S.,” said Maria Barry, community development banking executive.