Brian Tracey
Left to right: Network Executive Director Ted Houghton, Bank of America Community Development Lending and Investments Executive Brian Tracey, Bank of America Director Tax Credit Originations Jill Edwards and Concern for Independent Living Executive Director Ralph Fasano.
In recent years, few companies have invested more heavily in supportive housing than Bank of America Merrill Lynch. Since 2008, the national bank has secured and closed $67 million worth of investments in seven supportive housing projects in New York City.
These investments have helped make possible outstanding residences from Jericho Project, Concern for Independent Living, Lantern Group and Phipps Houses. And the bank’s investments in New York represent just one-third of its total investment in supportive housing nationwide.
“Once we started doing our research on supportive housing, we realized that it not only served a great public purpose, but it was cost-effective for taxpayers and a solid investment opportunity as well,” says Brian Tracey, Community Development Lending and Investments Executive at Bank of America. “It’s more than just a moral imperative.”
Thanks to this sense of purpose, Bank of America Merrill Lynch’s Community Investment arm has put specific policies and underwriting guidelines in place for supportive housing projects. These have allowed the bank to meet explicit supportive housing investment goals. In New York City, the bank has provided an investment of between $7 to $15 million to make each residence a success.
“Brian Tracey and his team at Bank of America understand supportive housing and have been highly instrumental in making several of our projects come to fruition,” said Concern for Independent Living Executive Director Ralph Fasano. “Along with the expertise needed to move projects along, there is a compassion for the people we serve and a sincere interest in bettering communities.”
“Bank of America has been a steadfast supporter of our work with homeless veterans,” said Jericho Project Executive Director Tori Lyon. “They truly understand how important supportive housing is in ending homelessness in New York.”
Without the investment of the private sector, few supportive housing units could be built. Bank of America offers a model for how a financial institution can maximize the impact of these investments on vulnerable people’s lives by partnering with providers and developers. For their unwavering financial support of supportive housing in New York, the Network honors Mr. Tracey and Bank of America Merrill Lynch as its 2011 Private Sector Partner of the Year.