(L-to-R: Michael Chiappa, APAH; Derrick Perkins, BAML; Peter Engel, APAH; Crystal Jackson, BAML)

The Springs Apartments – an affordable, family-friendly, 104-unit, transit-oriented, located in the heart of Arlington – may not be scheduled to open until mid-2016, but this new mixed-use community is creating a lot of buzz within the region.  With developer Arlington Partnership for Affordable Housing (APAH) and the rest of the development team on board, the property has already had a “topping out” and is well on its way to becoming a sound home for Arlington residents. As part the investment team, Bank of America Merrill Lynch (BAML) is one of the property’s proud funders and is excited that it has been able to help bring housing stability to this northern Virginia neighborhood.

“We are focused on helping local communities address critical housing needs and revitalize neighborhoods,” said Derrick Perkins, senior vice president of community development, BAML. “With our investment in The Springs, we are succeeding in our efforts in helping to create homes for families in this dynamic region.”

For nearly 30 years, BAML has fueled economic development and achieved national award-winning recognition by providing communities across the country with greater access to capital and credit. A leader in community development, the bank has achieved an extensive track record of success by dedicating itself to the financial needs of its clients and strategic partners – and the development needs of its communities.

Nationally, the bank is working diligently to achieve its community development lending and investment goal of $1.5 trillion within a decade. Launched in January 2009, BAML is on the right path in executing against this goal and is using financing tools such as LIHTC to reach its target.  To date, it has placed more than $7.5 billion in equity in LIHTC-financed communities – which represent more than 5,000 apartment communities across the nation.

With The Spring, BAML invested more than $20 million in LIHTC equity; however that was not the banks only contribution. It also used an innovative funding source from the Department of Justice which allowed for a greater reduction on some of the targeted rents within the apartment community.

“Investing in projects like The Springs is a rewarding experience. In addition to helping to create homes close to employment centers and sound community amenities, it’s also gratifying to work with partners like APAH, who are truly committed to providing sustainable investment in our neighborhoods,” said Derrick. “Being a HAND member allows us to interact with strong affordable housing developers throughout the region – and at times, throughout the country.”

In addition to providing valuable networking opportunities, BAML also leverages the other benefits of being a HAND member.  The training and capacity building series helps to refresh the skills of experienced associates, and affords educational opportunities to those who are new to the industry as well.

HAND is pleased to spotlight Bank of America Merrill Lynch as a member who certainly contributes to our organization’s COLLABORATION, INNOVATION and TRANSFORMATION within the metropolitan area!