CINCINNATI, Mar 6, 2003 (BUSINESS WIRE) -- U.S. Bank, in cooperation with the
City of Cincinnati, today announced a commitment of $33.3 million to the
Cincinnati Housing Development Fund to develop new market rate housing. The Fund
is a partnership between U.S. Bank, the City of Cincinnati and several other
local financial institutions with a total fund amount of $100 million.
Jim Schwab, president of U.S. Bank in Cincinnati, commented, "U.S. Bank has been
a part of Cincinnati history for 150 years and this effort to promote and
encourage single-family homeownership and multi-family developments in the city
for area residents is import to our organization. We have long been committed to
helping make this community a better place to live and this is truly an
extension of this effort."
The Fund will make loans for the construction and rehabilitation of market rate
housing in Cincinnati neighborhoods. Because most loans will be "construction
loans" that are all paid back within two years the fund is expected to lead to
over $250 million investment in new housing in City neighborhoods over the
ten-year life of the fund.
The Fund will be managed by the Cincinnati Development Fund, Inc., a nonprofit
lending institution created to finance housing and revitalization in the
Cincinnati area. U.S. Bank, along with the other banks involved, will each
contribute a representative to a streamlined loan committee that will approve
"This is the kind of investment and support the City needs in order to stimulate
investment and development in our neighborhoods," said Councilmember Pat DeWine,
the chief sponsor of the Fund. "We are grateful for U.S. Bank's commitment to
U.S. Bancorp is the parent company of U.S. Bank in Cincinnati. With assets in
excess of $180 billion, U.S. Bancorp is the 8th largest financial services
holding company in the United States. The company operates 2,142 banking offices
and 4,604 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 is home of the Five Star
Service Guarantee which assures customers of certain key banking benefits and
services or customers will be paid for their inconvenience. U.S. Bancorp is the
parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.
CONTACT: U.S. Bank
Steve Dale, 612/303-0784
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SOURCE: U.S. Bank