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Bank of America Establishes Restoration Fund

CHARLOTTE-The bank has created a $25-million kitty to help restore small historic properties for commercial use. Eligible projects include structures that will be rehabilitated for community development purposes.

By Robert Anthony | Updated on October 17, 2000

CHARLOTTE-Bank of America is joining with the National Trust for Historic Preservation in Washington, DC to launch a new tax-credit fund that will invest in overlooked, small-equity development projects.

This nationwide fund will target its equity investments toward the revitalization of small neighborhood properties. The official title is the Bank of America Historic Tax Credit Fund. The National Trust Community Investment Corp., a for-profit subsidiary of National Trust, will manage the fund.

Historic properties in urban, small town and rural areas, eligible for as little as $500,000 in federal and state historic tax credits, will be targeted for investment. Developers using the fund will have access to Bank of America’s full line of loan and equity products.

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