Brian Moynihan CEO of Bank of America | Bank of America
Bank of America Community Development Banking provided $7.8 billion in financing last year, facilitating the creation and preservation of 12,600 housing units across the United States. This effort aimed to support individuals, families, seniors, veterans, the formerly homeless, and those with special needs.
Maria Barry, National Executive of Community Development Banking at Bank of America, stated: “For over 30 years, Bank of America has helped clients build communities that provide the best outcomes for residents. Affordable housing changes lives, whether for the most vulnerable seniors or the unhoused, as well as middle-income families."
In 2024 alone, homelessness increased by 18%, according to data from the U.S. Department of Housing and Urban Development. This rise highlighted an expanding affordable housing crisis affecting new communities.
The bank's efforts included significant increases in housing for seniors and the formerly homeless. Over 2,900 units were financed for seniors—a 133% increase from 2023—and more than 1,300 units were financed for the formerly homeless—up by 120% from the previous year.
Access to healthcare resources is seen as vital when paired with affordable housing. In this regard, Bank of America's Community Development Banking financed developments like Ogden Commons in Chicago’s North Lawndale neighborhood—a partnership between Habitat Company and Sinai Health—aimed at providing both affordable housing and access to preventative care.
Furthermore, Bank of America continues its investment in future affordable housing through initiatives such as its Affordable Housing Challenge competition and Neighborhood Builders awards. The bank also contributed an additional $325 million in financing towards multi-family affordable housing projects in 2024.
Overall investments align with Bank of America's broader commitment to sustainable homeownership through its $15 billion Community Homeownership Commitment.
Reporters seeking further information can contact Anu Ahluwalia at Bank of America via phone or email.