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Bank of America $1.5 Trillion Community Development Lending & Investment Goal Summary points $1.5 trillion goal breakout by category • Goal of $1.5 trillion over 10 years represents the largest Category $ Goal % of Total Goal community commitment ever established by a U.S. financial ($ billions) institution. Affordable Housing $1,000 67% Small Business/Farm $250 17% • The new goal commences in January 2009, replacing the Consumer Lending $200 13% existing BAC $750 billion community goal. Economic Development $50 3% • The goal targets four primary categories: affordable Affordable Housing. $1 trillion, 67 percent of goal housing, small business/small farm, consumer lending and As the leading mortgage lender in the United States, Bank of America economic development. is making homeownership a reality for low- and moderate-income and • The goal contains a targeted carve-out of $50 billion for minority individuals and families across the country. This includes Rural/Native American communities. mortgages to predevelopment, construction, and term financing and equity for affordable single- and multi-family housing – including • The existing BAC community development goal of $750 students and military personnel. billion will close at year-end 2008 with final four-year results Small Business/Small Farm Loans. $250 billion, 17 percent of goal reported second quarter of 2009. Includes conventional loans and lines of credit up to $1million, and up to $5 million to businesses in low- and moderate-income areas, with • The bank will maintain its external National Community larger amounts available for government –guaranteed loans. The Advisory Council – 25 prominent non-profit and public bank also invests in small business investment companies (SBICs) sector leaders from across the country – to advise on issues and minority and inner-city business venture capital funds, and critical with the community development industry. directly in minority-owned businesses. Consumer Loans. $200 billion, 13 percent of goal • Year-end goal results will be reported publicly via the bank’s Bank of America provides a full range of consumer financial services website at www.bankofamerica.com/community for low- and moderate-income individuals and families, including • First-year results for $1.5 trillion goal will be reported home-related loans and lines of credit, student loans, auto loans, and personal loans and lines of credit. Credit card borrowings are not second quarter 2010. included. Economic Development. $50 billion, 3 percent of total Bank of America partners with nonprofits, including community development financial institutions (CDFIs), community development corporations (CDCs), financial intermediaries and tax-exempt entities to promote neighborhood revitalization through loans, grants and direct investments Revised: March 2009
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