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Since 2020, Provided $42 Billion to Finance 74,000 Units, Addressing Increasing Affordable Housing Needs
Bank of America Community Development Banking continued to advance access to safe, affordable housing last year by providing $7.4 billion in debt and equity financing. In 2025, Community Development Banking financed 87 developments in 68 cities across 21 states throughout the United States working with for-profit and non-profit developers representing more than 11,000 affordable housing units1. This includes housing for individuals, families, seniors, veterans, people experiencing homelessness and those with special needs.
BofA helps build strong and healthy communities through affordable housing and economic opportunities. Since 2020, the company has provided more than $42 billion in financing, creating and preserving more than 74,000 housing units in 335 cities across 40 states.
"For nearly 40 years, we have remained committed to advising our clients and delivering innovative financing solutions that help them grow, navigate uncertainty and improve the communities where we live and work," said Maria Barry, National Executive of Community Development Banking at Bank of America. "When we talk about affordable housing, we're talking about the foundation for a better future. The housing we help finance improves stability and creates long‑term opportunities for individuals and families."
Stable housing is closely tied to long‑term physical, mental and financial wellness for residents and the broader community. In 2025, BofA financed 39 developments, representing 3,700 housing units, with a health care component. This includes access to health and wellness education, primary and preventative care and supportive services. In 2025, the bank hosted, "A Meeting at the Intersection of Health and Housing," a first-of-its-kind thought leadership event in Boston. The bank connected health care systems, affordable housing developers and community leaders, to discuss how its collective action will create better health and housing outcomes. This series is expanding to additional cities in 2026.
"We work closely with experienced developers, as well as local and state agencies, to help meet community needs," said Barry. "By supporting affordable housing, we aim to help reduce housing insecurity, improve quality of life and strengthen communities over the long term."
Banc of America Community Development Company closed direct and fund equity investments totaling $357 million in 2025 for workforce and middle‑income housing, generally up to 120% of area median income. The direct investments provide equity for properties located across Florida, Georgia, Texas, California, Colorado, Virginia and North Carolina and will create over 3,400 new high-quality, attainable housing units for working individuals and families to help address the severe workforce housing shortages in some of the most competitive housing markets.
Community Development Banking is proud to be a leader in advancing the future of the affordable housing industry. Last spring, it hosted the 35th annual Bank of America Affordable Housing Challenge. The competition invites undergraduate and graduate teams to design innovative and impactful affordable housing developments. Many alumni of the Challenge have careers in affordable housing, and some of the proposed affordable housing designs have been built and house residents today.
Bank of America is one of the world's leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving nearly 70 million clients with approximately 3,600 retail financial centers, approximately 15,000 ATMs (automated teller machines) and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.
Reporters may contact
Anu Ahluwalia, Bank of America
Phone: 1.646.855.3375
anu.ahluwalia@bofa.com
Footnotes
1 For households earning 30% to 120% area median income. |
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SOURCE Bank of America Corporation
