Bank of America, in partnership with Enterprise Community Partners, is investing $ 60 million to help facilitate racial equality in housing. This includes $ 30 million in loans and $ 30 million in equity financing. The investment will increase access to capital and career opportunities for BIPOC leaders (black, indigenous and people of color) who are developing multi-family, affordable and supportive housing across the country.
Bank of America’s Community Development Bank (CDB) is the first bank to launch a fund with dedicated funding and support for BIPOC developers. It has already had a significant impact by investing in these communities through initiatives such as investing in 12 minority depositories and community development finance institutions to provide loans and other banking services to those who do not. may not be eligible through traditional lenders. In 2020, CBD-funded developments produced more than 13,800 homes. Over 13,000 housing units were affordable, including 6,000 green housing units, 2,400 senior housing units, 1,600 housing units for veterans, people with special needs and former homeless people. 1,650 of these affordable housing units were developed by businesses owned by minorities and women. âWe are committed to catalyzing economic opportunity and change for the diverse stakeholders in the communities we serve. This fund will help BIPOC’s emerging developers with financing and technical assistance in the creation of affordable housing, which will help move their businesses forward while having a lasting and transformative impact on their communities, âsaid Maurice Coleman, vice-president. Senior President of Community Development at the Bank of America. This BIPOC affordable housing development initiative aligns closely with Bank of America’s $ 1.25 billion commitment to advance racial equality and economic opportunity in Black, Hispanic-Latino and Asian communities.
The Corporate Equitable Path Forward is a five-year, $ 3.5 billion national initiative to help dismantle systemic racism in housing, who is building these housing projects, where these homes are located, and how generational wealth is built through real estate. The multi-pronged approach creates a fair path for traditionally marginalized communities and BIPOC individuals by reducing the capital gap often seen in the real estate market. âToday, less than 2% of property management companies are owned by minorities, but black households make up almost 50% of federally subsidized housing and represent 13% of the nation’s population. Working with Bank of America Community Development Banking, we will work to eliminate racial disparities by investing in housing providers who are on the ground and engaged with their communities but lack financial and social capital, âsaid Priscilla Almodovar, Managing Director of Enterprise. Enterprise and Bank of America will leverage their national networks and resources to help BIPOC developers deepen and advance their relationships with industry stakeholders and local government agencies.
BIPOC affordable housing developers looking for additional information on this initiative can contact Maurice Coleman, Senior Vice President of Community Development at Bank of America at email@example.com or www.bankofamerica.com.
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