Bank of America awards $55 million to CDFIs

Low-Cost Loans, Grants Awarded to Community Development Financial Institutions Capital to Finance Building Retrofits, Create Jobs and Reduce Energy Costs in Low-Income Areas

CHARLOTTE, N.C.--(BUSINESS WIRE)--Nov. 15, 2011-- Bank of America today announced the selection of Community Development Financial Institutions (CDFIs) that will receive $55 million in low-interest loans and grants through the company's innovative Energy Efficiency Finance Program.

Bank of America, the nation's largest investor in CDFIs and a leading source of energy efficiency sector financing, created the program earlier this year to deliver low-cost capital to local community lenders with expertise in energy retrofit financing as a way to help create jobs, improve affordability, and reduce carbon emissions.

The following participating CDFIs were selected through a competitive submission process by a committee comprised of bank and industry leaders:

• Boston Community Capital, Boston.
• Community Investment Company, Chicago.
• Enterprise Cascadia, Seattle.
• Enterprise Community Partners, nationwide.
• Grow America Fund, New York.
• IFF (formerly Illinois Facility Fund), Chicago.
• Low Income Investment Fund, San Francisco and Los Angeles.
• Self Help, Charlotte.
• The Reinvestment Fund, Baltimore and Philadelphia.

"Bank of America engages with CDFIs to develop creative and effective approaches to addressing the critical issues of energy efficiency and serving the needs of low-income communities,” said Andrew Plepler, Corporate Social Responsibility and Consumer Policy executive at Bank of America. "Our size allows us to deliver funding on a scale that can transform an industry while making a direct impact on energy consumption, local jobs, carbon emissions and affordability for people who own, live and work in older buildings. We congratulate all the recipients and look forward to working with them.”

The selected CDFIs will receive a total of $50 million in low-cost, long-term loans to finance the upfront investment costs that building owners need to make energy efficient improvements, and $5 million in operating grants to support green capacity-building, staffing, training, reserves, and marketing needs associated with the implementation of the programs. The energy cost savings realized over time will create cash flow to repay the loans.

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