This week, Bank of America Corporation (BAC) announced a $2 billion bond deal called “Equality Progress Sustainability Bond” with funding that will help fight against income and social inequality in America’s Black and Hispanic communities. The Pension Boards has invested $6.6 million on behalf of its members.

This is the first bond issued by a U.S. corporation where proceeds will be directed to the financial empowerment of Black and Hispanic communities.

Proceeds of the bond deal will support:

• Affordable Housing: Offering mortgages and low-income housing tax credit projects in low- and moderate-income areas with high proportion of Black and Hispanic residents
• Socio-economic Advancement and Empowerment: Deploying capital to Black and Hispanic businesses, including medical practices and Minority Depository Institutions.
• Eligible Green Assets: Funding low-carbon activities including renewable energy financing and investments, such as cleaner forms of transportation and wind and solar projects

The investment supports several of the United Nations Sustainable Development Goals (SDGs) and upholds the Pension Boards’ approach to sustainable investing on behalf of its members.