The community development subsidiary of Minneapolis-based U.S. Bank and Habitat for Humanity affiliates throughout the country are celebrating the bank’s recent investments of nearly $19 million of tax credit equity made in partnership with CEI Capital Management, LLC, Iowa Community Development, Harbor Bankshares Corporation, and Smith NMTC Associates to help finance the construction of 712 affordable homes in 18 states.
“We want all Americans to have access to quality, affordable housing,” said Zack Boyers, chairman and chief executive officer of U.S. Bancorp Community Development Corporation. “Working with partners like Smith NMTC, CCML, ICD, Harbor Bank, and many others over the years to generate capital, leverage sponsorship dollars raised by Habitat for Humanity affiliates, and increase the affiliates’ building capacity is one important way that we are helping make affordable housing available to more families.”
The investments are the latest in a series of similar funding commitments made by U.S. Bank. Over the past five years, U.S. Bancorp Community Development Corporation (USBCDC) has provided more than $80 million of New Markets Tax Credit equity and leverage to support the development of Habitat for Humanity homes in 30 states, working with St. Louis-based Smith NMTC Associates. Those combined investments have helped finance a total of 2,975 homes across the country. More detail about where those homes are located is provided below.
U.S. Bancorp, the parent company of U.S. Bank, has also supported Habitat for Humanity through charitable contributions and low-interest loans, in addition to the equity investments it makes through USBCDC. Since 2011, U.S. Bancorp Foundation has contributed more than $650,000 to Habitat for Humanity affiliates across the United States and provided another $23,000 in matching gifts. During that same timeframe, the company provided nearly a dozen loans to Habitat for Humanity affiliates worth more than $6 million.
U.S. Bancorp employees also regularly partner with Habitat for Humanity affiliates to help build and rehabilitate properties that will provide safe housing for families in need. Since January 2011, nearly 1,000 U.S. Bank employees have volunteered 9,168 hours serving Habitat for Humanity affiliates across the country. Recently, 65 U.S. Bank employees volunteered more than 500 hours working with Habitat for Humanity of Greater Los Angeles to help build two new homes and rehabilitate properties that will provide safe housing for families in the Greater Los Angeles area.
“U.S. Bancorp has been a valuable partner for Habitat for Humanity because they not only recognized a need for decent and affordable shelter in this country, they stepped up and are doing something to address it,” said Erin Rank, President & CEO of Habitat for Humanity of Greater Los Angeles. “Thanks to their efforts, our organization is able to help more hardworking families purchase homes that are safe and affordable, and that will have a positive impact on these families for generations to come.”
In October, U.S. Bancorp received the Financial Supporter of the Year award at the Southern California Association of NonProfit Housing (SCANPH) conference in Los Angeles, in part for its participation in the Greater Los Angeles “Build Day.” U.S. Bancorp was honored for its support of organizations that encourage the purchase, preservation, rehabilitation, and construction of affordable housing through direct lending, tax credit investments, partnership with investment lending programs, grants or volunteer support of affordable housing nonprofits in Southern California, and particularly for its work in Los Angeles.
Other Habitat for Humanity affiliates that have benefitted as a result of U.S. Bancorp’s investment since 2008 include:
Loudon County Habitat for Humanity, Inc. (TN) – 18 homes
About U.S. Bancorp Community Development Corporation (USBCDC)
With more than $10.2 billion in assets, St. Louis-based USBCDC, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at usbank.com/cdc.
About U.S. Bancorp
Minneapolis-based U.S. Bancorp (USB), with $352 billion in assets as of September 30, 2012, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,086 banking offices in 25 states and 5,080 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at usbank.com.
Nicole Garrison-Sprenger, 612-303-0731
U.S. Bank Public Relations