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Banc of America CDE, LLC
Washington DCCDFI Awards for Banc of America CDE, LLC
NMTC (2009) - $70,000,000
Banc of America CDE, LLC plans to target retail, industrial, and office projects, as well as projects providing community services such as childcare centers, job training, charter schools, and theatres and arts facilities. Projects with job training or other educational components receive especially high priority. Banc of America CDE will use its NMTC allocation to finance two different product lines: the “Equity Builder Term Debt” product, which offers seven year interest-only subordinated debt with equity-like terms; and the New Market Investment Tax Credit, which provides equity investments that are twinned with other investment tax credits in support of historic rehabilitation and solar energy projects.
NMTC (2008) - $85,000,000
Banc of America CDE, LLC plans to target retail, industrial, and office projects, and projects providing community services such as childcare centers, job training, charter schools, and theatres and arts facilities. Projects with job training or other educational components receive especially high priority. Banc of America CDE will use its NMTC allocation to finance two different product lines: the a€œEquity Builder Term Debta€ product, which offers seven year interest-only subordinated debt with equity-like terms; and the New Market Investment Tax Credit, which provides equity investments that are twinned with other investment tax credits in support of historic rehabilitation and solar energy projects.
NMTC (2007) - $130,000,000
Banc of America CDE will utilize its NMTC allocation to target projects that create a significant increase in both construction and permanent jobs, with a focus on jobs for low-income persons and/or residents of low-income communities. A focus will also be placed on projects that provide retail uses and services to underserved communities. NMTC enhancement of historic tax credit equity will enable Banc of America to provide approximately 30% more equity than would otherwise have been invested, while it’s “equity builder” term debt product provides a 7 year interest only loan with significantly reduced originations fees.
NMTC (2006) - $143,000,000
Banc of America CDE will primarily use its NMTC allocation to provide subsidized financing in underserved communities for: 1) real estate projects and operating businesses that impact the local workforce development by creating high paying, permanent employment positions; and 2) real estate projects that bring needed retail uses and services, including large-scale retail, grocery stores, and shopping centers. With its NMTC allocation, Banc of America CDE will offer two new equity products as a source of funds to meet financings gaps that cannot be met conventionally.
NMTC (2003) - $150,000,000
Banc of America CDE will use its NMTC allocation to provide loans and investments that focus on business-based real estate development projects including: office; retail; mixed-use and cultural uses. The NMTC allocation will enable the allocatee to offer more favorable products to its customers. With the NMTC Allocation, Banc of America CDE intends to offer: (1) New Markets Historic Tax Credit equity investments that are about 30% higher than its current offerings; and (2) debt enhancement, senior loan and mezzanine financing loans and investments that include a lower interest rate, a subordinate second note feature that is fully amortized, longer than standard period of interest-only loan payments, and a higher than standard loan-to-value ratio.
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