NEW YORK, N.Y. – Bank of America Corp.’s Community Development Banking Program provided $7.8 billion in financing in 2024 to help create and preserve 12,600 housing units for seniors, the formerly homeless and those with special needs, the financial institution announced March 3.
The units provide housing for individuals, families, seniors and veterans, the bank said.
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“For over 30 years, Bank of America has helped clients build communities that provide the best outcomes for residents,” said Maria Barry, national executive of community development banking at Bank of America. “Affordable housing changes lives, whether for the most vulnerable seniors or the unhoused, as well as middle-income families. With a focus on developments that provide supportive services and access to health care and sustainability, we remain steadfast in our commitment to advising clients and providing solutions to support the communities where we live and work.”
Since 2005, the bank has helped finance the creation of nearly 300,000 housing units. Last year alone, the bank’s Community Development Banking Program created 12,600 housing units, 2,900 of which were senior housing, representing a 133% increase from 2023. In addition, the bank financed 1,300 units of housing for the formerly homeless in 2024, a 120% increase year over year. The program’s financing also helped modernize 10,500 housing units for cost efficiency in 2024, the bank said.
Bank of America said its banking and markets businesses provided an additional $325 million in financing to support multifamily affordable housing in 2024. The bank also continues to support affordable and sustainable homeownership through its $15 billion Community Homeownership Commitment.
Matthew McNulty is a PBN staff writer. He can be reached at McNulty@PBN.com or on X at @MattMcNultyNYC.
