Fifth Third’s Community Development Funding and Investment Group funds more than $ 500 million in 2021 projects
CINCINNATI – (COMMERCIAL THREAD) – The Fifth Bank’s community development loan and investment group closed on more than $ 500 million in loans and investments in 2021. The financing provided more than 6,000 new housing units and preserved for people with low and modest incomes, including families and seniors. In addition, more than six loans and investments have been dedicated to development projects that will provide jobs and services to communities within the Bank’s footprint.
The Community Development Lending and Investments group focuses on benefiting low to moderate income communities and individuals by creating or maintaining affordable housing, providing access to capital for small businesses, and revitalizing distressed areas through investing. in commercial buildings.
âFifth Third’s Community Development Loans and Investments group works with public and private organizations to help revitalize neighborhoods so that people have the opportunity to thrive in the environments where they live and work. Said Keith Burgess, Senior Vice President and Group Head of Loans and Investments for Community Development. âThese projects are essential to the stabilization of neighborhoods and to the economic growth of the residents of the community.
Two notable investments in 2021 were the John Arthur Flats and Blair Lofts affordable housing projects in Cincinnati. The John Arthur Flats project contains 57 newly constructed one and two bedroom apartments for LGBTQ seniors with incomes ranging from 30% to 60% of the region’s average income. The Blair Lofts project is located in the Avondale neighborhood of Cincinnati, one of the beneficiaries of the Fifth Third Neighborhood Investment Program. The project will include 64 one, two and three bedroom apartments which will also be available to families earning between 30% and 60% of the region’s average income.
Fifth Third Community Development Lending and Investments group provided $ 9.4 million in equity and a $ 10.5 million construction loan for Blair Lofts. It provided $ 13.2 million in equity and a $ 7.6 million construction loan for the John Arthur Flats.
In addition to providing loans and investments for affordable housing, the Community Development Lending and Investments group also invests in healthcare-related projects such as Five Rivers Health Centers, a federally licensed health center. The group’s investment will help the organization build its new Edgemont campus, located in the racially and economically diverse neighborhood of West Dayton, Ohio. The new facility will allow the Five Rivers Health Centers to provide services in several specialties, including internal medicine, obstetrics and gynecology, pediatrics, dentistry, hematology and oncology, psychiatry, sports medicine , drug addiction medicine, general surgery, infectious disease, gastroenterology, acupuncture, and massage therapy all in one place. The new complex will serve more than 15,000 patients per year, regardless of insurance status or ability to pay, and will include 12,000 square feet for future expansion.
Gina McFarlane-El, chief executive of Five Rivers Health Centers, said the group’s investment will help the center grow to provide services to more people. âWithout Fifth Third’s unwavering commitment to this project, there is no way that Five Rivers Health Centers could have embarked on this endeavor. In our short 10 years as a supplier to underserved people, we have grown beyond all of our spaces, and this new Edgemont campus in West Dayton sets our organization up for success.
While the majority of the community development and lending investment group is focused on brick-and-mortar developments, in October 2021, with the group’s investment, Fifth Third was one of nine banks to invest a total of $ 85 million in first round funding for the National Equity Fund Emerging Minority Developer Fund. This fund was established to help developers of color overcome high barriers to entry into accessing Low Income Housing Tax Credits (LIHTC) to develop affordable housing. To achieve this, EMDF provides equity tax credits combined with technical support and bespoke project underwriting to help emerging minority developers build a track record of success and improve their balance sheet and financial stability as they go. that they develop their activities.
âThe Emerging Minority Developer Fund was created to remove barriers and advance affordable housing while openly addressing and addressing the inherent racism, discrimination and inequity that still exist in fundraising practices today. systemic of LIHTC, âsaid Matt Reilein, president and CEO of National Equity Fund. âFive Third’s support for the fund will help the next generation of developers establish and strengthen their businesses, which will ultimately create more opportunities to build and maintain affordable housing solutions for individuals, families and communities. communities. ”
Since 1989, Fifth Third’s Community Development Loan and Investment Group has funded more than 900 projects focused on affordable housing, businesses, retail, offices and historic buildings. To learn more about Fifth Third’s community development and empowerment efforts, please visit go.53.com/Community.
About the fifth third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of September 30, 2021, Fifth Third had $ 208 billion in assets and operated 1,100 full-service banking centers and 2,336 branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, North Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 free ATMs across the United States. Fifth Third operates four main businesses: commercial banking, branch banking, consumer lending, and wealth and asset management. Fifth Third is one of the largest fund managers in the Midwest and, as of September 30, 2021, had $ 541 billion in assets under watch, including $ 61 billion for individuals, businesses and nonprofits. through its Trust and Registered Investment Advisory Firms. Investor information and press releases can be found at www.53.com. Fifth Third common stock is listed on the NasdaqÂ® Global Select Market under the symbol “FITB”.