MADISON, Wis.--(BUSINESS WIRE)--Sept. 26, 2007--U.S. Bank will
give $750,000 in program-related investments to Forward Community
Investments to spur the development of affordable housing and
community facilities throughout Wisconsin.
According to Travis Evans, U.S. Bank vice president of community
development, Forward Community Investments (formerly The Dane Fund)
will use the capital to provide below-market rate loans to
community-based organizations and community development projects that
improve services to low- and moderate-income individuals living and
working in economically challenged neighborhoods in urban and rural
Wisconsin.
"We are very proud to partner with FCI to help make affordable
housing a reality in Wisconsin and to provide a creative financial
vehicle for community projects that promote economic self-sufficiency
and stabilize low-income neighborhoods," said Scott Lockard, U.S. Bank
Madison market president.
Salli Martyniak, president of Forward Community Investments, said,
"We thank U.S. Bank as these funds will go a long way in helping to
provide and sustain affordable housing and promote neighborhood
revitalization efforts and services currently taking place throughout
Wisconsin."
Since it was established in 1994, Forward Community Investments, a
nonprofit loan fund, has disbursed more than $10 million to eligible
nonprofits in Dane County and statewide beginning in 2005. In 2006
alone, FCI closed loans totaling more than $3 million; these loans
leveraged an additional $9.5 million in public and private sector
capital; created 132 affordable housing units; resulted in the
addition of 33 new jobs and developed more than 36,000 square feet of
nonprofit facility space. In all, more than 25,000 low-income
individuals have benefited from the services Forward Community
Investments has provided to community-based organizations.
U.S. Bancorp (NYSE:USB), with $223 billion in assets, is the
parent company of U.S. Bank, the 6th largest commercial bank in the
United States. The company operates 2,499 banking offices and 4,867
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 www.usbank.com.
CONTACT: U.S. Bank
Lisa H .Clark, Media Relations, 608-877-7517
SOURCE: U.S. Bank
