Fifth Third Community Development Co. Invests $5 Million in Cincinnati Development Fund for Housing Redevelopment
December 27 2018 - 1:57PM
Business Wire
Cincinnati fund celebrates 30 years of
revitalizing communities
Fifth Third Community Development Co. LLC, a wholly owned,
indirect subsidiary of Fifth Third Bancorp, will invest $5 million
with Cincinnati Development Fund to further housing redevelopment
in underserved neighborhoods in Cincinnati.
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the full release here:
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Catherine Cawthon, president of Fifth
Third CDC (Photo: Business Wire)
As part of Fifth Third Bank’s Community Commitment, established
in 2016 at $30 billion and increased in 2018 to $32 billion, the
Fifth Third CDC invested $209 million in 2017. It expects its 2018
investments to rise to $220 million.
“We are grateful for the Fifth Third CDC’s support and
long-lasting commitment to Cincinnati Development Fund and our
work,” said Jeanne Golliher, the fund’s president and CEO. “It is
because of partners like the Fifth Third CDC that we are able to
strengthen the economic vitality of Greater Cincinnati by investing
in our neighborhoods.
“We are especially thankful as we celebrate 30 years of making
an impact in Greater Cincinnati through positive, catalytic
projects in low-income neighborhoods,” Golliher said. She noted
that the $5 million investment from Fifth Third CDC was the largest
single investment CDF has received.
Through the years, the CDC has partnered with CDF on several
projects, including the renovation of the Sanctuary at St.
Michael’s complex in Cincinnati’s Lower Price Hill neighborhood.
The renovations involved five historic structures and included more
than 46,000 square feet for classroom and event space. The
renovation helped programs aimed at ending poverty in the
community, including an English language program for immigrants and
refugees; Opportunity Hub, a space for residents to connect with
jobs, housing and other opportunities; Community Market, a food
pantry; and LPH Thrives, a community-led initiative to create
affordable housing. The project’s event space supports the
nonprofit work through rentals for weddings and other events.
Mary Delaney, executive director of Community Matters, which
oversees programming at the Sanctuary at St. Michael’s, said that
the project’s success was due to the funding from CDF. “Partnering
with CDF brought the project to life by providing the critical
final funding needed to complete the project. Because of our shared
commitment to creating positive opportunities, we were able to
renovate one of the oldest buildings in Cincinnati and create a
space where people can come and foster creativity, connection and
community.”
CDF’s mission is to provide innovative financing for real estate
projects that strengthen low-income neighborhoods and improve
lives. The organization facilitates, services, manages, holds and
generates loans and funds to further pre-development and
development activities in and around the city of Cincinnati.
As of 2018, CDF’s impact in Cincinnati neighborhoods
included:
- $390 million in loans.
- Creation of 4,720 housing units, 3,250
of them affordable housing units.
- 1.16 million square feet of commercial
space.
- 403,500 square feet for community
facilities.
- 7,200 construction and permanent
jobs.
“Making investments in organizations like CDF allows us to make
a difference in the community and to be directly involved in
initiatives that are critical to economic development,” said
Catherine Cawthon, president of Fifth Third CDC.
Since its inception, Fifth Third Community Development Co. has
invested more than $4 billion into local communities,
including funding over 700 projects that focus on affordable
housing, commercial, retail, office and historic buildings; and the
creation or preservation of over 60,000 units of housing through
Fifth Third CDC equity investments. Fifth Third Bank was one of the
founding financial institutions to invest in Cincinnati Development
Fund, and the Bank and Fifth Third CDC have invested a total of
more than $15 million.
For more information about Cincinnati Development Fund, please
visit www.cindevfund.org. To learn more about Fifth Third’s
community development and empowerment efforts, please visit
go.53.com/Community.
About Fifth Third
Bancorp
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio, and the indirect parent company
of Fifth Third Bank, an Ohio-chartered bank. As of Sept.30, 2018,
Fifth Third had $142 billion in assets and operated 1,152
full-service Banking Centers and 2,443 ATMs with Fifth Third
branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida,
Tennessee, West Virginia, Georgia and North Carolina. In total,
Fifth Third provides its customers with access to approximately
53,000 fee-free ATMs across the United States. Fifth Third operates
four main businesses: Commercial Banking, Branch Banking, Consumer
Lending and Wealth & Asset Management. Fifth Third is among the
largest money managers in the Midwest and, as of Sept. 30, 2018,
had $376 billion in assets under care, of which it managed $38
billion for individuals, corporations and not-for-profit
organizations through its Trust and Registered Investment Advisory
businesses. Investor information and press releases can be viewed
at www.53.com. Fifth Third’s common stock is traded on the Nasdaq®
Global Select Market under the symbol “FITB.” Fifth Third Bank was
established in 1858. Deposit and Credit products are offered by
Fifth Third Bank. Member FDIC.
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