Funding supported affordable housing, job creation and economic
MINNEAPOLIS--(BUSINESS WIRE)--May 8, 2014--
U.S. Bank more than doubled the amount of tax credit equity financing it
committed to support community development projects in the southeastern
United States last year. The bank committed $202 million in funding for
projects located in Alabama, Florida, Georgia, Louisiana and
Mississippi, up from $90 million in 2012.
Made through the bank’s community development subsidiary U.S. Bancorp
Community Development Corporation (USBCDC) in the form of tax credit
equity investments, the funding supported the development of affordable
housing, rehabilitation of vacant buildings and job-creating economic
development projects in rural areas.
“We’re proud of our role in supporting community development throughout
the Southeast last year, and we continue to look for opportunities make
investments that promote economic vibrancy in urban and rural areas,”
said Zack Boyers, chief executive officer for U.S. Bancorp Community
The funding included state and federal Low-Income Housing, New Markets
and/or Historic Tax-Credit financing for projects such as:
The development of affordable housing properties in Miami and Fort
Lauderdale, Fla. St. Martin’s Place, a 94-unit affordable multifamily
apartment complex in Miami, will include units set aside as supportive
housing to serve the needs of formerly homeless individuals. Village
Place, a 112-unit senior affordable housing apartment building in Fort
Lauderdale, is close to the city’s downtown shopping district and
targets active seniors. USBCDC committed a combined $47 million in tax
credit equity for the developments.
The rehabilitation of an office tower in the Central Business District
of New Orleans, La. that had been vacant since Hurricane Katrina. The
building, located at 225 Baronne St., will be converted into a
mixed-use development featuring mixed-income apartments, a hotel and
parking. USBCDC committed more than $22 million in tax credit equity.
The renovation of a vacant facility in rural Selma, Ala. where Zilkha
Biomass Energy will produce environmentally sustainable and low carbon
wood pellet fuel that coal plants can use with their existing
equipment. The project will create 175 permanent jobs in Selma and the
surrounding area, which has one of the highest unemployment rates in
Alabama. USBCDC committed more than $3.5 million in tax credit equity.
About U.S. Bancorp Community Development Corporation
more than $13.6 billion in managed assets as of March 31, 2014, 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 $371 billion
in assets as of March 31, 2014, is the parent company of U.S. Bank
National Association, the 5th largest commercial bank in the United
States. The Company operates 3,083 banking offices in 25 states and
4,878 ATMs 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
Source: U.S. Bancorp
Nicole Garrison-Sprenger, U.S. Bank Public Relations