U.S. Bank Committed $202 Million in Investments for Community Development Projects in the Southeastern United States in 2013
May 08 2014 - 10:45AM
Business Wire
Funding supported affordable housing, job creation and
economic development
U.S. Bank more than doubled the amount of tax credit equity
financing it committed to support community development projects in
the southeastern United States last year. The bank committed $202
million in funding for projects located in Alabama, Florida,
Georgia, Louisiana and Mississippi, up from $90 million in
2012.
Made through the bank’s community development subsidiary U.S.
Bancorp Community Development Corporation (USBCDC) in the form of
tax credit equity investments, the funding supported the
development of affordable housing, rehabilitation of vacant
buildings and job-creating economic development projects in rural
areas.
“We’re proud of our role in supporting community development
throughout the Southeast last year, and we continue to look for
opportunities make investments that promote economic vibrancy in
urban and rural areas,” said Zack Boyers, chief executive officer
for U.S. Bancorp Community Development Corporation.
The funding included state and federal Low-Income Housing, New
Markets and/or Historic Tax-Credit financing for projects such
as:
- The development of affordable housing
properties in Miami and Fort Lauderdale, Fla. St. Martin’s Place, a
94-unit affordable multifamily apartment complex in Miami, will
include units set aside as supportive housing to serve the needs of
formerly homeless individuals. Village Place, a 112-unit senior
affordable housing apartment building in Fort Lauderdale, is close
to the city’s downtown shopping district and targets active
seniors. USBCDC committed a combined $47 million in tax credit
equity for the developments.
- The rehabilitation of an office tower
in the Central Business District of New Orleans, La. that had been
vacant since Hurricane Katrina. The building, located at 225
Baronne St., will be converted into a mixed-use development
featuring mixed-income apartments, a hotel and parking. USBCDC
committed more than $22 million in tax credit equity.
- The renovation of a vacant facility in
rural Selma, Ala. where Zilkha Biomass Energy will produce
environmentally sustainable and low carbon wood pellet fuel that
coal plants can use with their existing equipment. The project will
create 175 permanent jobs in Selma and the surrounding area, which
has one of the highest unemployment rates in Alabama. USBCDC
committed more than $3.5 million in tax credit equity.
About U.S. Bancorp Community Development CorporationWith
more than $13.6 billion in managed assets as of March 31, 2014,
U.S. Bancorp Community Development Corporation, 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 www.usbank.com/cdc.
About U.S. BankU.S. Bancorp (NYSE: USB), with $371
billion in assets as of March 31, 2014, is the parent company of
U.S. Bank National Association, the 5th largest commercial bank in
the United States. The Company operates 3,083 banking offices in 25
states and 4,878 ATMs and provides a comprehensive line of banking,
brokerage, insurance, investment, mortgage, trust and payment
services products to consumers, businesses and institutions. Visit
U.S. Bancorp on the web at usbank.com.
Nicole Garrison-Sprenger, U.S. Bank Public Relations(612)
303-0731, nicole.sprenger@usbank.com
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