Slide 1 - Bank of America Home Personal by leader6


									    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                             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.
                                                                     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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