CHARLOTTE, N.C., April 2, 2020 /PRNewswire/ -- Truist Financial
Corporation (NYSE: TFC) today announced Truist Community Capital is
making a commitment of $10 million to
Westside Future Fund's (WFF) Real Estate Investment Fund to provide
financing for and acquisition of community development projects in
Atlanta's Westside
neighborhood.
WFF is committed to establishing mixed-income communities that
are safe, support families, stimulate local businesses and ensure
sustainability for multiple generations. To do this, WFF's work is
framed by a holistic resident retention strategy that prioritizes
legacy residents' ability to stay in their neighborhoods for
generations while making housing affordable for people of mixed and
fixed incomes. Truist's investment will assist with this affordable
housing initiative, as well as provide financing for a range of
community development projects.
"This investment to the Westside Future Fund underscores our
ongoing commitment to Atlanta and
our continued support of empowering the historic Westside
community," said Jenna Kelly, Truist
Northern Georgia regional president. "Our purpose of inspiring and
building better lives and communities aligns with the incredible
work the Westside Future Fund is doing, and we look forward to
seeing the progress unfold together."
The Westside neighborhoods that WFF has identified – English
Avenue, Vine City, Ashview Heights, Atlanta University Center and
Just Us – represent the areas of
greatest need. WFF estimates that among nearly 1,600 households
within this footprint, half of the residents earn less than
$20,000 a year. Such depressed
earnings make it virtually impossible to afford quality
housing.
"Investments like this one enable us to continue supporting the
Westside community in a meaningful way," said John Ahmann, president and chief executive
officer of the Westside Future Fund. "Together with partners like
Truist, we are helping stabilize this historic community by
delivering mixed-income housing and economic development
opportunities."
"Having served as chair of the Atlanta Committee for Progress
when WFF was conceived, it is particularly rewarding to see the
tremendous community support and leadership for this vision," said
Bill Rogers, Truist president and
chief operating officer. "Truist is proud to have been there from
the beginning and to lend additional support."
The investment is part of Truist's Atlanta Investment
initiative, a $300 million investment
over a three-year period in the
Atlanta community, made through a
range of community and not-for-profit organizations. The mix of
programs and grants supporting this initiative will vary each year,
providing investments tailored to the diverse needs of the
Atlanta community. It will include
a combination of community development investments from the bank
and philanthropic grants from the Truist foundation.
About Truist
Truist Financial Corporation is a
purpose-driven financial services company committed to inspire and
build better lives and communities. With 275 years of combined
BB&T and SunTrust history, Truist serves approximately 10
million households with leading market share in many high-growth
markets in the country. The company offers a wide range of services
including retail, small business and commercial banking; asset
management; capital markets; commercial real estate; corporate and
institutional banking; insurance; mortgage; payments; specialized
lending and wealth management. Headquartered in Charlotte, North Carolina, Truist is the
sixth-largest commercial bank in the U.S. with total assets of
$473 billion as of December 31, 2019. Truist Bank, Member FDIC.
Learn more at Truist.com.
About Westside Future Fund
Westside Future Fund is a
nonprofit formed by Atlanta's
public, private and philanthropic partners who believe in the
future of Atlanta's Westside and
are committed to helping Historic Westside neighborhoods revitalize
and develop into a community Dr. King would be proud to call home.
WFF serves as a "community quarterback" organization for the
holistic redevelopment of English Avenue, Vine City, Ashview
Heights, Atlanta University Center, Just
Us and the Booker T. Washington neighborhoods. In collaboration
with residents, community leaders, and a wide variety of public and
private partners, WFF is driving change by focusing on four impact
areas: mixed-income communities; cradle-to-career education;
community health and wellness; and safety and security. Grounded in
a compassionate approach to revitalization aimed at community
retention, the organization is focused on creating a diverse
mixed-income community, improving quality of life, and elevating
and celebrating the Historic Westside's unique history and
culture.
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SOURCE Truist Financial Corporation