BankAmerica Announces New $100 Million Investment in Low-Income Housing.SAN FRANCISCO--(BUSINESS WIRE)--Dec. 1, 1995--BankAmerica President David Coulter today announced the creation of the Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Housing Fund for affordable multifamily housing, which will be capitalized with $100 million in tax credit investments and be administered in partnership with the Enterprise Social Investment Corporation (ESIC ESIC Earth Science Information Center ESIC Enterprise Social Investment Corporation (Enterprise Foundation, Columbia, MD) ESIC Electronic Sports Information Centre ). The investment will help create up to 4,000 units of housing for low-income families, and raises BankAmerica's total tax credit investment commitments in affordable housing to $316 million. Coulter announced the creation of the Bank of America Housing Fund in a keynote speech keynote speech n. See keynote address. Noun 1. keynote speech - a speech setting forth the keynote keynote address keynote - the principal theme in a speech or literary work at a Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. conference hosted by the Federal Reserve of San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . "This investment allows us to diversify our tax-credit risk across an increased number of projects and in a wider range of geographic locations," Coulter said. "But the other bottom line is that this new investment will help create up to 4,000 units of well-designed, community-based affordable housing for working class families throughout the country." Said F. Barton Harvey III, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Enterprise Foundation, ESIC's parent organization, "BankAmerica's significant investment will enable Enterprise to help hundreds of community-based organizations accomplish their goals of providing decent, affordable housing for low-income residents. "Thanks to caring investors such as BankAmerica, more than 800,000 households today have access to affordable housing developed through the Low Income Housing Tax Credit. In fact, tax credit financing currently accounts for virtually all the affordable housing being produced in the country today." The Low Income Housing Tax Credit was established by Congress as part of the tax reform of 1986, and has become a key foundation for the creation of low-income rental housing in the U.S. It allows corporations and other private investors to offset a portion of their federal tax liability with investments in privately owned housing for the poor. The majority of BankAmerica's previous tax credit investments have been through the nonprofit Local Initiatives Support Corporation (LISC LISC Local Initiatives Support Corporation (New York, NY) LISC Little Illini Soccer Club (Champaign-Urbana, Illinois) LISC Long Island Subaru Club LISC Laboratory for Intelligent Systems and Controls ) and its affiliates, the California Equity Fund and the National Equity Fund. Coulter said the new partnership with the Enterprise Social Investment Corp., which is based in Baltimore, Md., will allow BankAmerica's funds to reach new markets, including Texas, Oregon, New Mexico, Hawaii, Alaska, Nevada, and Idaho. In addition to the Bank of America Housing Fund, BankAmerica also recently approved an additional $40 million in tax credit investments in two LISC affiliates -- $20 million in the California Equity Fund, and $20 million in the National Equity Fund. The Enterprise Foundation, founded in 1982 by Jim and Patty Rouse, is a national nonprofit organization Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. that works with community-based organizations to provide people with the opportunity to move up and out of poverty and into the mainstream of American life. ESIC is a subsidiary of The Enterprise Foundation and has raised more than $1.5 billion from 165 corporate investors to produce approximately 50,000 units of affordable rental housing nationwide. CONTACT: BankAmerica Russ Yarrow yarrow, a plant of the genus Achillea, perennial herbs of the family Asteraceae (aster family), native to north temperate regions. Several species are cultivated as ornamentals for their flat-topped clusters of flowers and scented foliage. , 415/953-1411 or The Enterprise Foundation Mark Burneko, 410/715-2244 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion