Bank of America 2005 Annual Report Download - page 27

How We Grow: Investing in Our Communities
ising from a once-abandoned hospital site in East Tampa, FL, the newly completed
Centro Place Apartments illustrate the strengths of Bank of America’s Community
Development Banking group. This restoration opened in 2005 to provide much-
needed affordable housing for low- to moderate-income seniors.
Banc of America Community Development Corp. renovated the remains of the historic
Centro Asturiano Hospital, originally built in 1928 to serve the Ybor City section of East
Restoring a community landmark
Bank provides much-needed affordable housing for seniors in Tampa
R
Tampa. Founded in 1886, Ybor City once flourished with
world-famous cigar factories and other trades employ-
ing Cuban, Italian, Spanish and other immigrants. The
144-bed Centro Asturiano Hospital—where generations of
neighborhood residents were born—eventually closed in
1990, becoming a vacant eyesore.
Bank of America served as developer, investor and lender
in the redevelopment project, providing more than $14 million
through direct capital investment and guarantees. Today,
Centro Place stands as a faithful restoration of the historic
hospital site. Four new residential buildings reflecting the
design of the original landmark provide 160 units of multifam-
ily apartments. The original hospital building that serves as a
clubhouse features a theater, multimedia room, computer cen-
ter, meeting space, exercise facility and library. Bank of America
partnered with The Home Association of Tampa, which guides
the center’s programming with their decades-long experience
in helping neighborhood seniors. The development is located
near public transit, as well as medical and consumer services.
To make Centro Place financially feasible and self-
supporting, a team of associates led a public-private partner-
ship that includes the City of Tampa, Florida Housing Finance
Corp., federal agencies and local nonprofit groups.
Since the early 1900s, Bank of America has been a
leader and community partner in the development of decent,
affordable housing and strong local business economies.
The cornerstone of our leadership is a 10-year lending and
investment goal of $750 billion that provides more than
$205 million every day for community development activi-
ties. This goal and similar Bank of America initiatives are
the inspiration for an industry-leading array of traditional
and innovative financial products, along with the expertise
to find answers to the most complex priorities facing our
communities. We recognize that creating neighborhood
excellence and economic opportunity in low- and moderate-
income communities is simply good business.
26 Bank of America 2005
Bank of America is the nation’s leading
provider of grants and loans in support
of neighborhood development. Investing
in the health and growth of our commu-
nities is not only the right thing to do, it
is also an important part of the bank’s
overall growth strategy. That is why the
bank is committed to philanthropic gifts
totaling $1.5 billion over the coming
decade. That is why the bank is pursuing
a 10-year goal of loaning and investing
$750 billion to support community
development.
Bank of America grows in partnership
with the communities we serve.
How we grow by investing in our communities