(CelebrityAccess MediaWire) — Bank of America Corp. will invest more than $20 million in equity and bridge financing to help restore the Apollo Theater, a landmark on 125th Street in New York's Harlem neighborhood.
The BofA Foundation will also provide $1 million in funding.
The bank's $13 million in equity investment in the Apollo will qualify for federal historic tax credits; the building is listed on the National Register of Historic Places.
The bank can also take advantage of new-markets tax credits, which are designed to attract investment in low-income areas.
"Bank of America is proud to support the Apollo and share in the celebration that marks the theater's seven decades as an American cultural institution," says Carter McClelland, president of BofA New York. "We have a long and deep commitment to the African-American and Latino communities, to supporting arts and culture, and to higher standards as an ideal. The Apollo is the embodiment of all three."
The Apollo is undergoing a multimillion-dollar restoration.
BofA is based in Charlotte.