Driving economic & social progress

Access to capital

We are deeply involved in community development work related to affordable housing, small business lending and neighborhood revitalization.

Community Development Banking

In 2016, Bank of America Merrill Lynch Community Development Banking provided nearly $4 billion in loans, tax credit equity investments and other real estate development solutions to create housing for individuals, families, veterans, seniors and the previously homeless across the United States.

In 2016, the Community Development Banking group completed the second phase of the San Francisco Rental Assistance Demonstration (SF-RAD), the largest and most complex RAD financing in the United States to date. Over both phases, the bank provided $2.2 billion as investor and lender, which will transform nearly 3,500 public housing units at 29 properties into safe and sustainable low-income housing for more than 10,000 San Francisco residents. The project will rehabilitate the property by addressing critical safety issues, upgrading the living areas and increasing the number of Americans with Disabilities Act (ADA)-compliant units.

Learn more about our Community Development Banking efforts.

Community development financial institutions

Often a good source of capital for those who may not qualify for a traditional bank loan, community development financial institutions (CDFIs) are private-sector local loan centers that offer financing for small businesses, affordable housing, and other economic revitalization projects, primarily within low- and moderate-income communities. We invest more than $1 billion in 250 CDFIs in all 50 U.S. states, and Puerto Rico and the District of Columbia. We underwrite loans to CDFIs and often provide philanthropic support from the Bank of America Charitable Foundation to help offset operating costs.

In 2016, we announced with the United States Department of Agriculture (USDA) a relending program to provide more than $400 million in long-term, low-cost financing for community development financial institutions (CDFIs) working in impoverished rural and Native American communities. The Uplift America Community Facilities Relending Program will facilitate the construction of schools, health care centers, child care facilities and other much-needed services in communities with limited infrastructure development and persistent poverty.

We also connect capital to women entrepreneurs through the Tory Burch Foundation Capital Program. Learn more about how we enable access to capital for women in the U.S.

Find a CDFI and learn more about CDFIs and how Bank of America provides access to capital to build thriving communities.

Lending to small and medium-sized businesses

Small and medium-sized businesses are the backbone of the U.S. economy and access to capital is critical to their success. We are at the forefront of helping small and medium-sized businesses position themselves for smart growth. We're increasing our lending to small and medium-sized businesses and extending credit through other innovative approaches such as loans and investments to community development financial institutions.

Learn more about our work with small businesses.

Community development lending and investing goal progress

In 2009, we established a 10-year, $1.5 trillion community development lending and investment goal, supporting communities across the U.S to track progress in areas focusing on LMI. The goal promotes economic growth in four key categories: 1) affordable housing, 2) small business, 3) consumer lending, and 4) economic development. We have loaned and invested $859 billion from 2009 to 2016, including $59 billion in 2016. However, we recognize the economic shift of the past few years—including a more normalized housing market, lower credit demand and stricter requirements for lending and credit—has put constraints on our overall results. We continue our ongoing commitment to lending and investing with low-and moderate-income communities including promoting economic progress in our communities by providing access to capital. And, we will look for ways to responsibly do that through our business and partnerships.

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