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| Our home mortgage program’s performed
very well. It stabilizes neighborhoods and makes them more attractive
to business and investors. This is not a social partnership.
It’s a business alliance. |
Vickie Tassan
Senior Vice President for Community Development Banking
Bank of America |
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| Bank of America |
Since the mid-1970s, Bank of America,
based in Charlotte, N.C., has established itself as a leader
in community development and affordable housing. From 1977 –
2001, $2.3 billion in equity investments have resulted in the
milestone of 100,000 affordable apartments throughout the nation.
The bank’s Community Development Corporation, the first
established by a bank, acted as developer for 20 percent of
the total, and has made loans and investments directly to affordable
housing developers as well as through financial intermediaries
such as the Enterprise Foundation.
Beyond its affordable housing financing and equity investments,
Bank of America has provided traditional financing for hundreds
of thousands of low- and-moderate-income customers across the
country. Bank of America ranks as the number-one home mortgage
lender in low- and moderate-income neighborhoods and to minority
customers. To reach first-time homebuyers and targeted neighborhoods,
the bank forms strategic alliances with non-profit housing organizations
such as ACORN Housing
and the Neighborhood Assistance Corporation of America (NACA).
These organizations run financial education and counseling programs
to help prospective buyers understand the mortgage process and
become credit-ready to qualify. Many of their clients are first-time
homebuyers. Further demonstrating industry leadership, Bank
of America recently made an unprecedented, 10-year, $350 billion
commitment to community development lending and investment,
and expects to surpass $100 billion in just three years.
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