SAN FRANCISCO - BankAmerica Corp. made more than $1 billion in loans in the first three quarters of 1992 through its Community Reinvestment Act programs.
The company said in a press release that the majority of BankAmerica's CRA activity continues to be focused on home loans. Through Sept. 30, the bank provided $758.1 million in home loans in low-income areas.
In addition, the bank purchased $38.9 million in mortgages in low-income areas on the secondary market.
Bank of America State Bank, a subsidiary specializing in community development lending, provided $77.3 million in construction financing through Sept. 30 for rental housing targeted at Californians with low and very low incomes.
Other commitments were $4.5 million in loans through an outreach program to minority and women-owned businesses; and $2.9 million in lower-income consumer loans through the bank's Basic program.
BankAmerica said it set a 10-year lending goal of $12 billion as part of its merger with Security Pacific Corp., which took effect April 21. The California goal for 1992, prorated, is $614 million.
