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
612-303-0731
nicole.sprenger@usbank.com
