$1.6B of BofA Loans Signal Affordable Housing Appetite

MIAMI—Bank of America Merrill Lynch provided more than $1.6 billion in loans, tax credit equity investments and other real estate development solutions in the first half of 2013. The institution reports those commitments, made through its through its Community Development Banking business, doubled the lending and investing of the year-ago period—and will help create more than 6,500 affordable housing units.

Specifically, the first-half 2013 activity included roughly $1 billion in commercial real estate-based lending, up 67% from $600 million a year ago. The institution also made more than $664 million in tax credit investments, more than double the nearly $252 million invested during the same period in 2012.