Bank of America Invests Nearly $43 Million to Help Drive Economic Mobility in Washington, D.C.

Rhea-AI Summary

Bank of America announced a significant investment of nearly $43 million aimed at enhancing economic and social opportunities in Southeast and Southwest Washington, D.C. This funding will support affordable housing, workforce development, and healthcare initiatives via partnerships with local nonprofits. Notable allocations include $39 million for MDL Flats Apartments, $1.25 million for the 11th Street Bridge Park, and $1 million to the Washington Area Community Investment Fund. This investment is part of a broader $1.25 billion commitment to advance racial equality and economic opportunities over five years.

Positive

• Investment of nearly $43 million to support economic and social initiatives.
• Funding includes $39 million for 76 affordable housing units at MDL Flats.
• $1.25 million allocated for the development of the 11th Street Bridge Park.
• $1 million designated to the Washington Area Community Investment Fund to promote small businesses.

Negative

• None.

Investment Will Spur Economic Development and Support Physical and Mental Health Initiatives in Historic Anacostia and throughout D.C.

WASHINGTON, April 5, 2022 /PRNewswire/ -- Bank of America today announced an investment of nearly $43 million directly impacting economic and social opportunity in Southeast and Southwest Washington, D.C. as part of its commitment to local communities. Through affordable housing projects and partnerships with local nonprofits, including Building Bridges Across the River (BBAR), the Washington Area Community Investment Fund (Wacif), and Bread for the City, the funding and grant package will address housing, workforce development, healthcare and small business efforts in the region.

"These are the types of investments that give more D.C. residents a fair shot," said Mayor Muriel Bowser. "Bank of America and the organizations it's partnering with know D.C., they know what our residents and neighborhoods need to thrive, and I'm confident in their ability to help us realize our shared goal of building a more equitable and connected D.C."

Aligned with Bank of America's $1.25 billion, five-year commitment to help advance racial equality and economic opportunity in local communities, the funding is aimed at improving the area's long-term economic growth and stability. 

As part of its commitment to safe, affordable housing, Bank of America has invested $39 million in the mixed-use affordable housing development, MDL Flats Apartments, in the Buzzard Point neighborhood of Southwest D.C. The bank's funding will help provide 76 units for individuals and families in need of affordable housing in the community.

Building Bridges Across the River (BBAR), a nonprofit dedicated to providing residents east of the Anacostia River with a thriving, equitable community, is receiving a total of $1.25 million to build the 11^th Street Bridge spanning the Anacostia River, D.C.'s first elevated public park. To help fund construction of the bridge and further environmental education efforts, BBAR will receive a $1 million grant. BBAR will also receive $250,000 to support workforce development efforts to train Ward 8 residents in construction skills necessary for employment opportunities to help build the park.

"We are thrilled about Bank of America's investment in the 11th Street Bridge Park and our workforce training strategies," said Rahsaan Bernard, President, Building Bridges Across the River. "This naming gift for the environmental education plaza moves us one step closer to realizing this community driven civic space that will literally and figuratively bridge D.C."

The bank is providing $1 million in support to the Washington Area Community Investment Fund (Wacif) to help to fund the acquisition and redevelopment of the Anacostia Arts Center to promote small business development in the region. Wacif, which helps promote equity and economic opportunity in underserved D.C. area communities, will create a new hub for inclusive, diverse entrepreneurship in the heart of Historic Anacostia and hopes to support more than 1,000 underserved entrepreneurs over five years.

"As a long-term, strategic partner in our mission and growth, we are delighted to deepen our work with Bank of America by reimagining the Anacostia Arts Center as a new regional hub for inclusive entrepreneurship," said Wacif CEO Harold B. Pettigrew, Jr. "This critical gift accelerates Wacif's efforts to scale investments that help small businesses recover and be resilient, and drives our commitment to deploy greater capital to under resourced entrepreneurs and create thousands of local jobs in the years ahead."

To support mental and preventive healthcare in the region, Bread for the City, a nonprofit providing D.C. residents living with lower income with resources and services to reduce the burden of poverty, is receiving $1 million. The grant will help Bread for the City provide critical care, such as health screenings, nutrition consultation and mental wellness treatments, in its Anacostia clinic.

"The partnership with Bank of America, the Ward 8 Community Economic Development Initiative and Bread for the City is helping us provide much needed behavioral health support and care to young ward 8 residents and their families as they struggle with the trauma caused by the intersection of pandemic, and the persistent socioeconomic disparities that are so prevalent in the community," said George Jones, CEO of Bread for the City.

This announcement is the latest in a series of investments that Bank of America has made in the Greater Washington, D.C. community. In 2021, Bank of America invested $350 million in local grants and additional capital investments to help finance small businesses, affordable housing, and other economic revitalization projects benefiting communities throughout the Washington region.

"Through our business offerings, our partnerships with non-profit and community leaders, and the trust of our neighbors, we are driving meaningful growth and helping create opportunity and prosperity in Anacostia, and throughout the DMV," said Larry Di Rita, President of Bank of America Greater Washington, D.C.

Bank of America
At Bank of America (NYSE: BAC), we're guided by a common purpose to help make financial lives better, through the power of every connection. We're delivering on this through responsible growth with a focus on our environmental, social and governance (ESG) leadership. ESG is embedded across our eight lines of business and reflects how we help fuel the global economy, build trust and credibility, and represent a company that people want to work for, invest in and do business with. It's demonstrated in the inclusive and supportive workplace we create for our employees, the responsible products and services we offer our clients, and the impact we make around the world in helping local economies thrive. An important part of this work is forming strong partnerships with nonprofits and advocacy groups, such as community, consumer and environmental organizations, to bring together our collective networks and expertise to achieve greater impact. Learn more at about.bankofamerica.com, and connect with us on Twitter (@BofA_News).

For more Bank of America news, including dividend announcements and other important information, visit the Bank of America newsroom and register for news email alerts.

www.bankofamerica.com

Reporters May Contact:

Andrew Aldridge, Bank of America
Phone: 1.980.387.0514
andrew.aldridge@bofa.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/bank-of-america-invests-nearly-43-million-to-help-drive-economic-mobility-in-washington-dc-301518165.html

SOURCE Bank of America Corporation

FAQ

What is the amount Bank of America is investing in Washington D.C.?

Bank of America announced an investment of nearly $43 million.

How much funding is allocated for affordable housing projects?

A total of $39 million is allocated for the MDL Flats Apartments.

What initiatives will the investment support in D.C.?

The investment will support affordable housing, workforce development, and healthcare initiatives.

What is the significance of the 11th Street Bridge Park funding?

Bank of America allocated $1.25 million to support the development of the 11th Street Bridge Park.

Is Bank of America's investment part of a larger commitment?

Yes, it is part of a $1.25 billion, five-year commitment to advance racial equality and economic opportunities.