GlobeSt.com: Last year, the program did a record $4.53 billion in loan volume. What was the activity like in Los Angeles specifically, and what was the impact?

Spivak: Bank of America Merrill Lynch has had a significant presence in the Los Angeles market for nearly 100 years and affordable housing has been a key focus area for over 50 years. This deep, consistent presence has allowed us to capitalize on our local expertise of the players, geography and issues that makes Los Angeles unique, even while other investors have come and gone, and returned again.

In Los Angeles specifically, our financing and investments in Jordan Downs, Metro Villas II and Paul Williams reflect our commitment to strengthening our communities. For example, when the bank provided construction financing and low-income housing tax credit (LIHTC) investment for the first phase of the Jordan Downs development, over a hundred new affordable housing units were constructed, preventing displacement during the revitalization of the 1950s-era public housing development in the Watts neighborhood.

In addition, CDB sponsors the Low-Income Housing Challenge, a 27-year-old annual competition for college and university students who partner with affordable housing developers to create a plan for an affordable housing project. The challenge has inspired numerous students, many of whom attend universities in the Los Angeles area, to seek careers in affordable housing following graduation, of which many become leaders in the industry.

GlobeSt.com: Affordable housing is one of the biggest challenges in Los Angeles. How is this program impacting affordable housing in Los Angeles?

Spivak: Last year alone, the team provided financing that resulted in over 600 affordable housing units added to the market in the Los Angeles Metro Area. In fact, the team doubled the number of units year over year (2016 to 2017).

GlobeSt.com: What are the program goals and expectations this year?

Spivak: CDB is looking to grow its lending and investing activities within the L.A. Metro area, partner with private and public organizations to preserve and develop quality affordable rental housing, and seek ways to enhance efficiencies to increase capacity. Like years past, the team is especially focused on financing for housing for low-income individuals, families, seniors, veterans, special needs and the formerly homeless.