Bank of America has announced low-cost loans and grants totaling $55 million to nine community development financial institutions (CDFIs) to help finance building retrofits, create green jobs, and reduce energy costs in low-income communities nationwide.
Launched earlier this year, the bank's Energy Efficiency Finance program will award a total of $50 million in low-cost long-term loans to help building owners finance the upfront costs needed to make energy-efficient improvements. An additional $5 million in grants will support the costs associated with capacity building, staffing, training, and marketing efforts associated with implementing the programs.
Selected through a competitive application process, participating institutions include Boston Community Capital, the Chicago-based Community Investment Company, Enterprise Cascadia, Enterprise Community Partners in Maryland, the Grow America Fund, IFF (formerly the Illinois Facility Fund), the Low Income Investment Fund in San Francisco, North Carolina-based Self Help, and the Reinvestment Fund in Philadelphia.
Bank of America anticipates that the participating institutions will finance retrofits for an estimated 15,000 residential units and dozens of commercial buildings, community facilities, and charter schools.
"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, head of corporate social responsibility and consumer policy at BofA. "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."