BofA Affordable Housing Group Reaches $1 Billion in Loans.SAN FRANCISCO--(BUSINESS WIRE)--June 17, 1996--Bank of America Community Development Bank and its affiliate, 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. , FSB (FrontSide Bus) See system bus. FSB - front side bus , Community Development Division, have achieved a milestone by reaching the $1 billion mark in financing for the construction and preservation of low-income housing. "Bank of America Community Development Bank has grown into one of the leading providers of affordable housing credit in the country," said Stan STAN Stanchion STAN Stärke- und Ausrüstungsnachweis (German) Stan Standard Man (human patient simulator) STAN SEMCIP Technical Assistance Network STAN System Trace Audit Number STAN Star Trek Area Network Keasling, President of Sacramento-based Rural California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Housing Corp., and a member of BofA Community Development Bank's Advisory Board. "It has demonstrated an outstanding commitment to understanding the nonprofit A corporation or an association that conducts business for the benefit of the general public without shareholders and without a profit motive. Nonprofits are also called not-for-profit corporations. Nonprofit corporations are created according to state law. housing industry so it can better meet the needs of this critical market." Since 1990, BofA has helped construct or rehabilitate re·ha·bil·i·tate v. 1. To restore to good health or useful life, as through therapy and education. 2. To restore to good condition, operation, or capacity. more than 28,000 units of housing, with approximately 60 percent of those units serving very low-income households (those earning less than 60 percent of the area's median income) and 33 percent serving low-income households (those earning less than 80 percent of median income). "We achieved this important goal in less than six years by putting together one of the best teams of professionals in our industry and by building very strong relationships with community-based affordable housing developers," Mike Mantle, Community Development Bank President, said. "In addition to building a solid portfolio of real estate loans, we take pride in the fact that every one of the projects we finance fills a critical need for decent, affordable rental housing in the communities we serve." The affordable housing group finances a wide variety of low-income housing projects, ranging from large multifamily developments in urban areas to smaller self-help projects in rural areas. BofA Community Development Bank was formed in 1990 to deliver affordable housing financing and government-assisted small business loans in California. The Community Development Division of BofA, FSB provides these services in states outside California. Today, both groups operate a total of 17 offices in 11 western states, as well as Washington, D.C., Chicago, Ill., and Atlanta, Ga. Together they offer construction financing, term financing, predevelopment credit lines, tax credit bridge loans, tax-free bond financing, HUD-insured financing and other financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , as well as technical assistance and grant support of nonprofit housing programs. In addition, BofA Community Development Bank also manages BankAmerica's portfolio of Low Income Housing Tax Credit investments, which total more than $300 million. CONTACT: Bank of America 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 |
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