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BofA to Finance $770M in S.F. Affordable Housing

Bank of America Merrill Lynch was just picked to provide $770M in financing to community-based nonprofit owners for a major public housing initiative in S.F. The bank will finance the preservation of 1,400 public housing units in the city as part of the Department of Housing and Urban Development’s Rental Assistance Demonstration program and will work with Freddie Mac to provide funding. The debt and equity from Bank of America will cover 15 projects across the city, helping building system, roof, exterior and energy-efficiency aspects, reports the Commercial Observer. The financing includes $350M in construction financing, about $300M in low-income housing tax credit equity and funding for pre-development loans. (Above, the BofA Building at 555 Cal.) [CO]