Four years ago, Menino and his housing agencies worked with a housing advisory panel to develop a new housing strategy for the city, known as Leading the Way. Last fall Menino convened a new housing advisory panel to find new ways to address housing needs.

As part of the new strategy, Bank of America is making available $200 million in loan financing over four years for community development in Boston, with a significant portion directed to affordable housing production and preservation. Additionally, Bank of America will provide $3 million in grants over four years to support programs that assist neighborhood development efforts, including affordable housing. Citizens has agreed to provide $84 million in housing financing, including $50 million from its new Citizens Housing Bank loan fund, for housing development, homeowner rehab and new construction loans, and predatory lending victim assistance.