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U.S. Bank Provides $15 Million for New and Replacement Housing in Joplin, Missouri

Loans to Help State Finance Construction of Three Affordable Housing Projects in Tornado-Ravaged Part of Missouri

MINNEAPOLIS & JOPLIN, Mo.--(BUSINESS WIRE)--Jul. 17, 2012-- U.S. Bank announced today it will provide $15 million in construction financing through the Missouri Housing Development Commission (MHDC) for the construction of three separate affordable housing developments in the Joplin, Mo. area.

The three projects financed by U.S. Bank are intended to replace some of the housing stock that was lost in 2011 when a catastrophic EF5 multiple-vortex tornado destroyed large portions of Joplin, Missouri.

“U.S. Bank has been an active participant in the recovery and rebuilding of Joplin in the wake of the tornado that ripped through the community last year,” said Clifford Wert, U.S. Bank Joplin region president. “We care deeply about these communities and are working with local leaders to help get them back on their feet.”

The loans from U.S. Bank are the latest in a series of investments made by the bank in Joplin and nearby communities since mid-2011.

In May 2011, shortly after the tornadoes, U.S. Bank donated $100,000 to assist with Joplin tornado relief and rebuilding efforts. Also last year, the bank’s community development subsidiary, U.S. Bancorp Community Development Corp. (USBCDC), contributed more than $11 million of tax equity financing to help rebuild a heavily-damaged apartment complex in Joplin known as 1502 Michigan Place. USBCDC also made a $1.8 million Affordable Housing Assistance Program (AHAP) donation for the benefit of the project.

MHDC, which provides financing directly to developers of affordable rental properties, will use the $15 million in funding from U.S. Bank for the construction of:

  • Hope Cottages: A total of 32 rent-restricted single-family homes built on several scattered sites in the Joplin tornado zone. Three of the units within the development will be reserved for special needs residents. All of the units in the development will contain a safe room designed to protect families in a storm and will be built with green building materials and techniques.
  • Canyon Trails: A 52-unit affordable housing development that will include 41 units (80%) reserved for households earning 60% of the area median income and the remaining 11 units (20%) reserved for households earning no more than 80% of the area median income. Amenities include fireplaces, vaulted ceilings, washer/dryer hook ups, playground on-site, a large community tornado safe room, community building with library, computer workstations and a work-out facility
  • Parkwood Seniors: A 42-unit affordable senior housing complex located in Joplin that will provide desperately-needed replacement housing for seniors displaced by the Joplin tornado. The Area Agency on Aging & Independent Living Center will provide services to residents on site. The project will consist of spacious two-bedroom units available at a significant discount to market rents.

About U.S. Bank
Minneapolis-based U.S. Bancorp ("USB"), with $341 billion in assets as of March 31, 2012, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,080 banking offices in 25 states and 5,061 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at usbank.com.

Source: U.S. Bank

U.S. Bank Public Relations
Nicole Garrison-Sprenger

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding U.S. Bancorp's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.

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