Community Development Corporation

We often work as the primary developer, often in partnership with nonprofit community development corporations and local governments, to create positive long-term effects in neighborhoods where we do business.

What is the Community Development Corporation?

The Bank of America Community Development Corporation (BACDC), a wholly owned subsidiary of Bank of America, N.A., conducts real estate development and investment in low- and moderate-income communities across the nation. The BACDC focuses on projects in some of the most challenged areas and works with community-based entities to coordinate multilayered financing that make housing and commercial development projects possible.

BACDC works as the primary developer, often in conjunction with nonprofit community development corporations and local governments, to create positive long-term effects in neighborhoods where we do business.

How it works

The BACDC both invests capital in community development projects and builds or rehabilitates properties. In either case, these BACDC projects can include

• Targeted neighborhood developments
• Multifamily affordable housing developments
• Public housing development
• Retail, commercial and mixed-use developments in targeted neighborhoods

Make A Difference Centers

A key component of BACDC projects is a Make A Difference Center. These centers are an integral part of a real estate development project and meet the needs of a local community for after school tutoring, computer training, life skills training, financial counseling, or vocational training.

What we look for in a projects

Before we invest, we look for projects with specific characteristics:

• Large-scale projects. Projects large enough to promote tangible neighborhood change.
• Community partnerships. By working with nonprofit community development corporations, community-based for-profit developers, and local public housing and redevelopment agencies, we can garner the support we need to complete projects that promote economic growth.
• Local government support. We rely on strong political and financial support from local governments in the communities in which we work.
• Multiple funding sources. We provide additional funding in the form of construction financing, credit enhancement, tax credit investments and homebuyer mortgages to complement our direct equity investments.
• Catalytic. We look for projects that are “firsts” in their neighborhoods. These developments usually promise to be the catalyst for further investment and ongoing revitalization. Often these projects fit into a community's master plan for revitalization.
• Focus on economic integration. Projects we fund must both attract market-rate housing to areas where it's lacking and preserve affordability for lower- or fixed-income residents.
• Economically sustainable. In order to foster a successful, sustainable business, we choose projects that will prove profitable over the long term.