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U.S. Bank Committed $202 Million in Investments for Community Development Projects in the Southeastern United States in 2013

Funding supported affordable housing, job creation and economic development

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 Development Corporation.

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
With 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 usbank.com.

Source: U.S. Bancorp

Nicole Garrison-Sprenger, U.S. Bank Public Relations
(612) 303-0731, nicole.sprenger@usbank.com

"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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