 division has announced that it provided a record $7.85 billion in lending and investing in 2022. This marks an increase of over 10% from the previous year and highlights the division's commitment to supporting underserved communities across the country.){kind=link}
Bank of America’s Community Development Banking (CDB) division has announced that it provided a record $7.85 billion in lending and investing in 2022. This marks an increase of over 10% from the previous year and highlights the division’s commitment to supporting underserved communities across the country.
The CDB division is responsible for providing financial services to low- and moderate-income communities and investing in affordable housing, economic development, and other community development initiatives. The division works closely with nonprofit organizations, community groups, and government agencies to identify and address the unique needs of each community.
In 2022, the CDB division provided over $3.3 billion in loans and investments for affordable housing, which included the construction and rehabilitation of over 25,000 affordable housing units. The division also invested over $2.2 billion in small businesses, including minority-owned businesses and businesses located in low- and moderate-income communities.
In addition to lending and investing, the CDB division also provided over $1.1 billion in grants to nonprofit organizations that focus on community development. These grants support a variety of initiatives, including job training, financial education, and affordable housing.
The CDB division’s efforts are part of Bank of America’s broader commitment to environmental, social, and governance (ESG) initiatives. The bank has set a goal of deploying $1.5 trillion in capital towards ESG initiatives by 2030, including sustainable finance, renewable energy, and social impact investing.
Bank of America’s ESG efforts have been recognized by several organizations, including being named to the Dow Jones Sustainability Index for the 19th consecutive year and receiving a perfect score on the Human Rights Campaign Foundation’s Corporate Equality Index.
The CDB division’s record lending and investing in 2022 is particularly noteworthy given the economic challenges faced by many communities during the COVID-19 pandemic. The pandemic has disproportionately affected low-income communities and communities of color, making the CDB division’s efforts even more critical.
Bank of America’s commitment to supporting underserved communities has also been evident in its response to recent natural disasters. In the aftermath of Hurricane Ida, for example, the bank announced a $1 million commitment to support relief efforts in Louisiana, Mississippi, and other affected areas.
Overall, Bank of America’s Community Development Banking division’s record lending and investing in 2022 demonstrates the bank’s commitment to making a positive impact in the communities it serves. Through its partnerships with nonprofit organizations, community groups, and government agencies, the division is helping to create more affordable housing, support small businesses, and provide job training and financial education to underserved communities.