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U.S. Bank Partners with Yarco and Catholic Charities to Support Military Veterans in Kansas City, MO

Construction of affordable housing at St. Michael’s Veterans Center is the first step in the creation of a comprehensive campus for homeless veterans

KANSAS CITY, Mo.--(BUSINESS WIRE)--Aug. 1, 2013-- U.S. Bank is providing more than $17.7 million in financing to help Kansas City, MO-based Yarco Companies and Catholic Charities of Kansas CitySt. Joseph, Inc. construct the first phase of St. Michael’s Veterans Center. Designed to become a comprehensive housing and support services campus for military veterans with special needs, the first phase of development will bring 58 one-bedroom affordable housing units to Kansas City by May 2014.

“Imagine serving your country overseas, only to return to no job and no place to live,” said Lynn Craghead, senior vice president of Low-Income Housing Tax Credit investments for U.S. Bancorp Community Development Corporation, the community development subsidiary of U.S. Bank that partnered on financing. “Unfortunately, this situation is the reality for many returning Americans. St. Michael’s Veterans Center is designed to respond to veterans’ unique needs and empower them to successfully reintegrate within their family and their community.”

Located on a 22-acre campus in close proximity to the Kansas City Veterans Affairs Medical Center, St. Michael’s Veterans Center will be built in three phases and will eventually include 180 affordable rental units, a support services center offering counseling, job training, and medical and case management resources, an honor garden, and a recreational building.

“Approximately 95,000 veterans call the Kansas City area home,” said Deacon Dan Powers, CEO of Catholic Charities. “In 2010, about 20,000 of those were living with a disability, more than 6,000 were at or below the poverty level, and nearly 30,000 were unemployed or not participating in the labor force. A holistic approach to reentry like St. Michael’s, which couples housing and necessary support services, maximizes opportunities for veterans to recover a stable, healthy lifestyle.”

As the anchor of the campus, permanent housing will provide long-term, safe affordable residences to veterans, those who are homeless, or live with disabilities. The residential units will promotes self-reliance in a fully sustainable setting.

“We’re proud to partner with U.S. Bank and Catholic Charities to provide for veterans, just as service men and women have provided for us,” said Jonathan Cohn, president of Yarco. “We have a history of providing quality rental housing options to residents of Kansas City, and are pleased to be able to extend our reach to this important population.”

U.S. Bank’s commitment to St. Michael’s Veterans Center includes nearly $10.2 million of federal and state Low-Income Housing Tax Credit (LIHTC) equity, a $683,000 Affordable Housing Assistance Program (AHAP) donation for the benefit of the development, and a $6.9 million construction loan in participation with Missouri Housing Development Commission (MHDC) via the bank’s $125 million credit facility with the agency. MHDC also committed HOME funds and an allocation of LIHTCs to the project. LIHTCs, which were capitalized by U.S. Bank, are subsidizing the cost of the development, allowing the housing units to be rented at below-market, affordable rates.

U.S. Bank is nationally recognized as one of America’s top corporate supporters of the military. As of April 2013, U.S. Bank employed 2,000 veterans, including soldiers of the National Guard and Reserve. More than 600 veterans were hired in 2012 alone. U.S. Bank has been recognized by organizations including Employer Support of the Guard and Reserve and G.I. Jobs and Military Times magazines for support of its military employees.

About Catholic Charities of Kansas City - St. Joseph, Inc.
Since 1879, Catholic Charities of Kansas City - St. Joseph, Inc., has touched the lives of millions of individuals and families by providing social services regardless of race, gender, economic or religious background. Although named Catholic Charities, more than 75% of those served are not of Catholic faith. Catholic Charities is accredited through the Council on Accreditation, a comprehensive process by which an organization completes a thorough self-study and on-site review by trained Peer Reviewers. Catholic Charities serves more than 150,000 individuals each year with food, shelter, and utilities along with hope-filled services of more than 50 community-focused programs.

About Yarco
Yarco is a Kansas City, MO based, 90-year old professional real estate firm specializing in multi-family housing. Yarco’s principals have led the development of more than 8,000 apartment homes in more than 70 communities, with total developed values in excess of $550 million. Yarco currently has a multi-family management portfolio of 9,000 apartment units throughout the Midwest and Southwest. Yarco’s work has been honored with the Kansas City Business Ethics Award, and Yarco’s culture won them a Kansas City Best Places to Work Award. Yarco is nationally recognized for acquiring and repositioning the physical and economic performance of affordable housing communities. Successful repositioning results have been acknowledged by receipt of the HUD Community of the Year Award, and multiple Missouri Governor’s Awards for Excellence in Affordable Housing.

About U.S. Bancorp Community Development Corporation
With more than $11.7 billion in assets as of June 30, 2013, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.

About U.S. Bank
U.S. Bancorp (NYSE: USB), with $353 billion in assets as of June 30, 2013, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. Celebrating its 150th anniversary this year, the company operates 3,087 banking offices in 25 states and 5,032 ATM 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. Bank

Teri Charest, U.S. Bank Corporate Public Relations
(612) 303-0732, teri.charest@usbank.com

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