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Bank of America On Track to Meet Historic Goal in Community Development

Bank of America On Track to Meet Historic Goal in Community Development

Published 06-07-01

Submitted by Bank of America Corporation

Communities across America were richer by 11,770 units of affordable housing at the end of 2000, thanks to community development lending by Bank of America.

The bank's investment in affordable housing is part of its unprecedented 10-year goal to make $350 billion in community development loans and investments. Since making the commitment in May 1998 to acquire, build and rehabilitate 50,000 affordable housing units over the next 10 years, Bank of America has developed or rehabilitated more than 28,000 affordable multifamily and single-family units. Operating the oldest and largest bank-owned corporation devoted to development of affordable housing has contributed to this success.

In rural community development, the bank has already exceeded a 10-year goal of $10 billion to stimulate affordable housing, job creation and economic opportunity in rural markets. By the end of 2000, the bank reached more than $15 billion in rural community development lending and investments.

Since 1999, the bank has closed $69.3 billion in loans and investments to low- and moderate-income and underserved individuals, families, small businesses and communities.

"Our expertise in delivering innovative lending and investments to low- and moderate-income communities enables us to continue to be a catalyst to grow and strengthen neighborhoods," said Mike Dulan, Community Development Banking president at Bank of America. "We are committed to delivering products and services that create sustainable community development."

Other highlights from 2000:

Mortgage lending to low- and moderate-income borrowers in low- to moderate-income census tracts and to minority borrowers reached $17.9 billion.
Catalytic investments to spur economic development reached more than $200 million.
Community development lending and investing represented 29.19% of the bank's overall lending in 2000, a slight increase over 1999 (29.04%).
"We were able to continue our momentum in 2000 thanks in part to successful collaborations with national and local organizations like the NAACP, National Council of LaRaza and National Urban League to target development where it is most needed," Dulan said. "For example, through our work with ACORN Housing Corporation, we delivered more than $1 billion in mortgage lending in 2000."

"Bank of America has been innovative in working with ACORN Housing to enable hard-working and responsible people to purchase their own homes," said George Butts, president ACORN Housing Corporation.

One of the world's leading financial services companies, Bank of America is committed to making banking work for customers like it never has before. Through innovative technologies and the ingenuity of its people, Bank of America provides individuals, small businesses and commercial, corporate and institutional clients across the United States and around the world new and better ways to manage their financial lives. The company enables customers to do their banking and investing whenever, wherever and however they choose through the nation's largest financial services network, including approximately 4,400 domestic offices and 13,000 ATMs, as well as 38 international offices serving clients in 190 countries, and an Internet Web site that provides online access for more than 3 million customers, more than any other bank.

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