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U.S. Bank to Provide More Than $5 Million of Tax Credit Financing for Girls Inc. Building Renovation in Oakland

Additional Grant from U.S. Bancorp Foundation Supports Eureka! Teen Achievement Program

OAKLAND, Calif.--(BUSINESS WIRE)--Aug. 1, 2012-- U.S. Bank announced today that it will provide more than $5 million of New Markets and Historic Tax Credit equity to finance the $17.8 million renovation of an historic building in downtown Oakland, California, into the regional headquarters for Girls Incorporated of Alameda County. The new Simpson Center for Girls will be Alameda County’s first and only resource center for girls and will allow the organization to increase the number of girls served in the region annually by 25 percent.

“We’re proud to support an organization that helps girls improve their own socio-economic situation and that of their communities,” said Matt Philpott, Director of New Markets, Historic and Renewable Energy Tax Credit Investments for U.S. Bancorp Community Development Corporation, the community development subsidiary of U.S. Bank. “At U.S. Bank, we also take great pride in strengthening communities and empowering those who live and work in them. A partnership with Girls Inc. is a natural fit.”

Recently U.S. Bancorp Foundation also presented the organization an additional grant for its Eureka! Teen Achievement Program, which provides hands-on achievement opportunities in science, technology, engineering, math and college career preparation for 180 girls in the community.

U.S. Bank’s support of Girls Inc. of Alameda County is representative of its larger commitment to the city of Oakland and the Bay Area. During 2011, U.S. Bank extended more than $23.2 million in community development loans and more than $124.6 million in investments throughout the Greater Bay area.

Girls Inc. of Alameda County, founded more than 50 years ago, is a local affiliate of the national Girls Inc. organization, which promotes academic success, healthy lifestyles and self-confidence in girls ages 5 to 18 through its enrichment programs and counseling services. Many of the girls whom the organization serves come from underserved communities and underperforming school systems.

“At Girls Inc., we’re dedicated to inspiring all girls to be strong, smart and bold,” said Linda Boessenecker, CEO of Girls Inc. of Alameda County. “With U.S. Bank’s support, we’ll not only be able to relocate closer to the girls that we’re already serving, but we’ll also be able to better meet the increasing demands for our proven and acclaimed programs.”

For the past 20 years, Girls Inc. of Alameda County has operated from a 13,500 square-foot building in San Leandro, which serves as both a program center for girls and a workplace for staff. In 2011, the nonprofit served over 7,500 girls and their families in Alameda County. However, the small and aging building - a warehouse built in 1955 - has been a barrier to effectively responding to the increasing demand for the nonprofit’s critical programs.

Once the Simpson Center for Girls is complete next summer, Girls Inc. of Alameda County will relocate from its current building to the new 34,000 square-foot facility at 510 16th Street.

About U.S. Bank and U.S. Bancorp Community Development Corporation

Minneapolis-based U.S. Bancorp (NYSE:USB), with $353 billion in assets as of June 30, 2012, is the parent company of U.S. Bank National Association, the fifth-largest commercial bank in the United States. The company operates 3,080 banking offices in 25 states and 5,085 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.

U.S. Bank is also a recognized leader in financing a variety of community development initiatives using state and federally sponsored tax credit programs. U.S. Bancorp Community Development Corporation, the tax credit investment subsidiary of U.S. Bank, provides capital investment to areas that need it the most and has contributed to the generation of commercial economic activity, rehabilitation of historic buildings, construction of affordable and market-rate homes, and development of renewable energy facilities. Visit U.S. Bancorp on the web at www.usbank.com.

About Girls Incorporated of Alameda County

Girls Incorporated of Alameda County is one of 83 affiliates of the national Girls Inc., the country’s leading voice for girls. Since 1958, Girls Inc. has responded to the unique needs of girls in underserved communities of San Francisco’s East Bay through a continuum of academic achievement programs and counseling services. Programs challenge girls to explore their potential, develop life skills, ensure college and career success, and expand their sense of what is possible. With an innovative educational approach incorporating local needs into research-based curricula, Girls Inc. has established itself as the Bay Area’s leading provider of supplemental education, reaching over 7,500 girls, family members and clients annually. For more information, visit www.girlsinc-alameda.org.

About the Historic Tax Credit Program

The Historic Tax Program (HTC Program) is the federal government’s most successful and cost-effective program for promoting historic preservation and community revitalization through historic rehabilitation. Created in 1976 and administered by the National Park Service in partnership with the Internal Revenue Service and with State Historic Preservation Offices, the HTC Program encourages the investment of private capital to support the rehabilitation of abandoned or under-used historic properties into offices, affordable and market rate rental housing, retail stores, community centers, cultural institutions, and educational facilities. The HTC Program offers investors a 20 percent tax credit of qualified rehabilitation expenditures incurred during the rehabilitation of a certified structure in exchange for providing funding for developers that rehabilitate historic landmarks and buildings into income-generating properties that create jobs and promote economic revitalization. To date, tens of thousands of rehabilitation projects have been approved, representing billions of dollars in private investment. For more information, visit www.nps.gov.

About the New Markets Tax Credit Program

The New Markets Tax Credit Program (NMTC Program) was established by Congress in 2000 to encourage the investment of private capital in designated low-income communities in order to create jobs, generate economic activity and improve the quality of services in low-income communities and to low-income persons. The NMTC Program attracts investment capital to low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax return in exchange for making qualified equity investments in specialized financial institutions called Community Development Entities (CDEs). Capital raised by the CDEs is then used to provide below-market financing to qualified businesses in low-income communities. The credit totals 39 percent of the original investment amount and is claimed over a period of seven years. For more information, visit www.cdfifund.gov.

Source: U.S. Bank

U.S. Bank Public Relations
Teri Charest, 612-303-0732
teri.charest@usbank.com
or
Girls Incorporate of Alameda County
Kirsten T. Melton, 510-357-5515
kmelton@girlsinc-alameda.org

"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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