LOS ANGELES--(BUSINESS WIRE)--Oct. 31, 2012--
U.S. Bank received the Financial Supporter of the Year award at the
Southern California Association of NonProfit Housing (SCANPH) conference
in Los Angeles in October. The event is the one of the largest
affordable housing conferences in the country.
U.S. Bank was honored for its support of organizations that encourage
the purchase, preservation, rehabilitation, and construction of
affordable housing through direct lending, tax credit investments,
partnership with investment lending programs, grants or volunteer
support of affordable housing nonprofits in Southern California, and
particularly for its work in Los Angeles.
U.S. Bancorp Community Development Corporation (USBCDC) invests in
efforts, including the creation of quality affordable housing, as a
means to improve and revitalize communities. Since 2001, the USBCDC has
invested more than $275 million in affordable housing in Southern
California. Additionally, U.S. Bank Community Lending has committed an
additional $1 billion in financing of multi-family housing.
As a participant in the Federal Home Loan Bank Community Investment
Lending Program, U.S. Bank provides affordable housing program grants
for qualified projects, contributing to the creation of nearly 3,000
affordable housing units in Southern California alone.
U.S. Bank serves as one of the primary trustees for the City of Los
Angeles, monitoring more than $500 million of the city’s affordable
housing, community and economic development bond facilities.
U.S. Bank has extended more than $145 million in low-interest community
development loans in Los Angeles County since the beginning of 2011, and
made another $60 million in investments that provided affordable
housing, encouraged self-sufficiency and fostered economic development.
Some of these projects included the following:
As the lead agent bank, U.S. Bank arranged $135 million in financing
for the development of a student-housing complex in a once blighted
area near the University of Southern California’s campus. Located in a
low-income area, SBA HUB zone, state enterprise zone and a California
Redevelopment Project Area, the project establishes a medical health
facility to serve the local public, creates 25 units of affordable
housing, and will employ local residents and at-risk youth, as well as
establish a loan fund for local small business.
U.S. Bank provided $30 million in financing for the rehabilitation of
a 1900s office building in downtown Los Angeles. The project created
178 new market-rate apartments and was purchased by the developer as a
result of the Adaptive Reuse Ordinance which has helped to convert
older economically distressed or historically significant buildings
for new uses. The project is in a revitalization plan zone and a
low-income tract helping to redevelop a historic core area in Los
U.S. Bank provided a $10.4 million for the new construction of a 98
units for seniors with an additional 10 percent set aside for at risk
homeless seniors in Panorama City.
U.S. Bank employees actively participate on 150 nonprofit boards in
Southern California, many of which are focused on affordable housing.
U.S. Bank collaborated with Habitat for Humanity of Greater Los Angeles
hosting “Build Days” in Lawndale, Lynwood and South Gate. More than 65
U.S. Bank employees volunteered more than 500 hours to help build two
new homes and rehabilitate properties that will provide safe housing for
U.S. Bank hosted a donation drive for L.A. Family Housing, a provider of
transitional housing that helps families who are in need of shelter
every year since 2005. U.S. Bank employees donated gift cards, hundreds
of toys, new bedding, turkeys, fresh fruits and vegetables for the
families in the shelter. All of the donations were delivered at a
holiday celebration hosted by U.S. Bank at the Comunidad Cesar Chavez.
U.S. Bank has been an active member of the SCANPH since 2000. To learn
more about the SCANPH conference visit www.scanph.org/conference.
U.S. Bancorp (NYSE: USB), with $352 billion in assets as of Sept. 30,
2012, is the parent company of U.S. Bank, the 5th largest commercial
bank in the United States. The company operates 3,086 banking offices in
25 states and 5,080 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
Source: U.S. Bank
Teri Charest, U.S. Bank Public Relations
(612) 303-0732, firstname.lastname@example.org