WINSTON-SALEM, N.C.,
April 2, 2019 /PRNewswire/
-- BB&T Corporation (NYSE: BBT) today announced a
$15 million commitment to the
Foundation For The Carolinas, which will be used for the Charlotte
Housing Opportunity Investment Fund to support affordable housing
in Mecklenburg County.
The Charlotte Housing Opportunity Investment Fund is designed to
lessen the growing affordability gap by developing housing that
serves residents in a range of incomes – including moderate-, low-
and extremely low-earning households. This includes multi- and
single-family housing, workforce housing and multifamily
rehabilitation projects.
The BB&T commitment includes a $1
million grant, $4 million in
Fund Debt and/or Fund Equity, and $10
million in below market loans.
"Affordable housing is a critical component for any community,
which helps them grow and thrive," said BB&T Chairman and Chief
Executive Officer Kelly S. King. "As
part of our mission, to help make the communities where we work
better places to live, we're delighted to make this contribution to
the Foundation for the Carolinas and support their affordable
housing efforts throughout the Charlotte metro area."
During the past three years, BB&T has invested approximately
$53 million in the Charlotte/Mecklenburg area for affordable
multi-family units including seniors. These projects include
Bingham Park, Movement on Freedom,
Mill Tree, Magnolia Gardens, Grier Heights Seniors and Arrowwood
Villas.
"In our request for contributions from the private sector, it is
our region's financial institutions that have responded the
loudest," said Foundation For The Carolinas President and CEO
Michael Marsicano. "BB&T showed
tremendous generosity in its commitment to affordable housing. We
are grateful for their support of this community."
Mecklenburg County currently
faces a deficit of more than 30,000 affordable-housing units.
Foundation For The Carolinas is leading a campaign to raise
$50 million from the private sector
for the Charlotte Housing Opportunity Investment Fund – matching
the $50 million bond referendum
voters approved last November to increase the city of Charlotte's Housing Trust Fund. Local
Initiatives Support Corporation (LISC) will hold and manage the
Charlotte Housing Opportunity Investment Fund, which will work in
tandem with the city's trust fund.
About BB&T
BB&T is one of the largest financial services holding
companies in the U.S. with $225.7
billion in assets and market capitalization of approximately
$33.1 billion, as of Dec. 31, 2018. Building on a long tradition of
excellence in community banking, BB&T offers a wide range of
financial services including retail and commercial banking,
investments, insurance, wealth management, asset management,
mortgage, corporate banking, capital markets and specialized
lending. Based in Winston-Salem,
N.C., the company operates more than 1,800 financial centers
in 15 states and Washington, D.C.,
and is consistently recognized for outstanding client service by
Greenwich Associates for small business and middle market banking.
More information about BB&T and its full line of products and
services is available at BBT.com.
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SOURCE BB&T Corporation