Date Published:
February 7th, 2019
Bank of America (BofA) donated two parcels of land in downtown Charlotte worth $7.25M for the creation of affordable housing developments. The Charlotte Housing Authority, BofA, the Charlotte Mecklenburg Library, and other property owners will work together to plan the redevelopment of the land parcels. BofA together with Charlotte-based investment firm Barings and Ally Bank also committed to $50 million in below-market loans for affordable housing projects, an $11 million grant to the private Housing Opportunity Fund, and $2.5 million over five years for “economic mobility programming and grants.”