Bank of America Community Development Banking, in partnership with Enterprise Community Partners, is investing $60 million–$30 million in loans and $30 million in equity financing–to support Enterprise’s Equitable Path Forward, a five-year initiative to help facilitate racial equality in housing, Enterprise said in an announcement. The investment will increase access to capital and career opportunities for BIPOC (Black, Indigenous and People of Color) leaders developing multifamily, affordable and supportive housing across the country, the announcement said.
Bank of America Community Development Banking is the first bank to launch a fund with dedicated financing and support to BIPOC developers, according to the announcement. It will partner with Enterprise to provide much-needed Low Income Housing Tax Credit capital and debt financing to directly source, structure and close deals with BIPOC developers, especially emerging BIPOC developers seeking both flexible capital and technical assistance.
“This effort further accelerates the bank’s work already underway to address racial equality and economic opportunity through direct actions, investments and work to catalyze similar efforts across the private sector,” said Maria Barry, Community Development Banking national executive at Bank of America. “Our goal with this initiative is to play a key role in helping to drive new pipeline and financial capabilities of BIPOC developers.”
