ST. LOUIS, Aug 30, 2010 (BUSINESS WIRE) --
Bancorp Community Development Corporation (USBCDC), a division of
U.S. Bank, has arranged and will manage an $86 million Low-Income
Housing Tax Credit (LIHTC) fund for Google, the popular search engine
firm. The fund will provide a major source of funding for the
construction and operation of 480 affordable rental housing units for
low income families and senior citizens in seven communities throughout
the West and Midwest.
USBCDC originated the LIHTC investments with experienced LIHTC housing
developers to oversee the completion and lease-up of housing
developments in Waukegan, Illinois; Apple Valley, Minnesota; Des Moines,
Iowa; Milwaukee, Wisconsin; and Fontana, Palm Springs and Salinas,
California. This is USBCDC's first LIHTC fund with Google.
Brent Callinicos, Google vice president and treasurer said, "In recent
years there has been a void in affordable housing investment. Our
investment with USBCDC allows us to further our goal of providing relief
to people who otherwise may not have access to quality housing."
Relatively new as an investor of LIHTCs, Google is bringing fresh
capital to the industry at a time when many developers of low-income
housing projects have been faced with significant financial gaps. Their
commitment to affordable housing marks a continuing expansion of the
affordable housing investor base beyond traditional investors such as
banks and insurance companies.
The fund includes housing developments in the Midwest, an area where
affordable housing investment has lagged in recent years, as well as in
the California state where Google's Mountain View headquarters is based.
Many of the complexes include a range of one to four-bedroom apartments,
and offer a shared laundry facility and community gathering area. In
addition to this USBCDC sponsored fund, Google also recently invested in
two other low-income housing projects for senior citizens, one in the
San Francisco Bay community of Sunnyvale, and the other in the Los
Angeles County community of Inglewood.
"We're proud to align with Google in a shared commitment to affordable
housing," said Larry Baerveldt, director of tax credit syndications for
USBCDC. "The expansion of the affordable housing investor base beyond
traditional investors is an exciting development for the industry and
comes at an important time. This investment by Google, together with the
efforts of our strong developer partners, will result in completion of
nearly 500 new affordable rental housing units for low income families
and senior citizens."
About U.S. Bancorp Community
Development Corporation (USBCDC)
USBCDC has been an active direct investor in affordable housing since
1987. It works closely with businesses, nonprofits and governmental
development teams to strengthen communities by building safe, secure,
affordable housing for families, seniors, residents of public housing,
those with special needs, or Section 8 tenants. In addition, USBCDC
provides resources and expertise in the rehabilitation of historic
buildings, the development of renewable energy facilities and the
generation of commercial economic activity in low-income communities.
USBCDC is a subsidiary of U.S. Bancorp (NYSE: USB), with $283 billion in
assets as of June 30, 2010, and of U.S. Bank, the fifth largest
commercial bank in the United States. The company operates 3,002 banking
offices in 24 states and 5,309 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.
SOURCE: U.S. Bancorp Community Development Corporation
Lisa Clark, 608-877-7517