WINSTON-SALEM, N.C.,
May 8, 2019 /PRNewswire/
-- BB&T Corporation (NYSE: BBT) today announced a
$10 million social impact investment
to the Impact Pool of the Washington Housing Initiative. The Bank's
equity investment will be used to help address the scarcity of
housing for middle-income individuals and families in the
Washington D.C. metro region.
The Washington Housing Initiative is a transformational,
market-driven model that brings together capital from private and
philanthropic sources to prevent displacement and preserve
affordable workforce housing for people with income too high to
qualify for housing subsidies, but who do not earn enough to afford
Washington's soaring, market-rate
home prices. The program expects to preserve or build between 2,000
and 3,000 units of affordable housing in the Washington region over the next decade.
"Access to decent, affordable housing provides
critical stability for families and significantly contributes to
the long-term health and growth of any community," said BB&T
Greater Washington D.C. Regional President Jodie Hughes. "As part of our mission, to help
make the communities where we work better places to live, we're
very happy to make this commitment to the Washington Housing
Initiative and support affordable housing efforts for hard-working
individuals and families throughout our region."
The Impact Pool for the Washington Housing Initiative is managed
by JBG SMITH and focuses on "High-Impact Locations," rapidly
growing areas that are still affordable today but are expected to
become less so over the next 5-10 years. Capital from the Impact
Pool will bridge the gap between traditional mortgage financing and
charitable contributions with mezzanine investments that provide
sufficient investor returns coupled with long-term affordability
and neighborhood services.
"We are very grateful for our inaugural investors, like
BB&T, who share our mission to provide innovative,
resident-focused, affordable housing for working Washingtonians,"
said JBG SMITH Executive Vice President of Social Impact Investing,
AJ Jackson. "In a city like Washington, access to affordable housing
becomes just as important to economic growth as education and job
skills. BB&T's commitment to our Impact Pool will go a long way
toward helping us address this critical need for our community and
local economy."
During the past three years, BB&T has invested approximately
$165 million in the Washington D.C. area for affordable housing
initiatives. These projects include Woodmont Crossing, Keswick, Maycroft Apartments and Meadow Green
Court.
About BB&T
BB&T is one of the largest financial services holding
companies in the U.S. with $227.7
billion in assets and market capitalization of approximately
$35.6 billion, as of March 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