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600 Affordable Housing Units Coming to L.A.

The Bank of America Merrill Lynch Community Development Banking program is making a big impact on the affordable housing crisis in L.A.

Jordan Downs Jordan Downs rendering, via Bridge Housing

Solutions to Los Angeles’ affordability crisis have been hurled from all directions. While we have seen several different solutions, the real estate community maintains that more development is the key to creating more affordable options. But, building affordable housing is not an easy feat without the help of banking programs. The agencies have been the biggest provider of funding for affordable projects, but The Bank of America Merrill Lynch Community Development Banking—which had a record-breaking year in 2017—is making a substantial impact in Los Angeles.

“In 2017, Bank of America Merrill Lynch provided commitments for over $329MM in construction loans, permanent debt, and equity investments to develop over 600 affordable housing units in the Los Angeles Metro Area,” Sindy Spivak, Community Development Banking Market Executive, Bank of America Merrill Lynch, tells GlobeSt.com. “Our commitments directly benefit some of the most vulnerable residents and our communities are stronger and thrive when all residents have access to quality affordable housing and needed services.”

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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