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San Diego Housing Commission Gets a Boost from U.S. Bank

SAN DIEGO, Nov 11, 2003 (BUSINESS WIRE) -- U.S. Bank continues its commitment to invest in the San Diego community by providing a $20.55 million loan to the San Diego Housing Commission. The loan assists with the purchase of a new office building for the housing commission. The agency, which helps house 75,000 low-income San Diegans each year, will occupy the majority of the building. The new facility is part of a revitalization effort in a blighted area of the city.

The U.S. Bank investment is essentially a forward commitment for a term loan with an extended amortization to assist the housing commission with the purchase of the property at the completion of construction. As part of the loan agreement, the San Diego Housing Commission will purchase a 103,224 square foot, five-story building over subterranean parking situated on one-half city block of land. The building will be part of a larger project called "Smart Corner" to be developed by Lankford & Associates and constructed by Hensel Phelps Construction Company. Total build-out will include a 299-unit, 19-story residential tower designed as workforce housing.

"U.S. Bank knows that the San Diego Housing Commission is essential to the community because it helps address the high cost of housing in the San Diego area," said Patrick Pearson, vice president, U.S. Bank Government Banking. "We're proud to support an organization that not only helps house families, but provides learning opportunities for them so they can become self-sufficient."

Added Kurt Huppert, market manager for U.S. Bank Commercial Real Estate in San Diego, "U.S. Bank was able to leverage its expertise in a variety of areas to assist the housing commission. This is a fine example of the teamwork between U.S. Bank's Government Banking, Commercial Real Estate and Capital Markets divisions to create value added solutions for our customers."

Established by the San Diego City Council in 1979, the San Diego Housing Commission is charged with helping to bridge the gap between the high cost of housing in the City of San Diego and the high percentage of low wage earners - helping to correct an imbalance that threatens the stability of the work force.

U.S. Bancorp (NYSE:USB), with $189 billion in assets, is the 8th largest financial services holding company in the United States. The company operates 2,201 banking offices and 4,506 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 the parent company of U.S. Bank. Visit U.S. Bancorp on the web at usbank.com.


CONTACT:          U.S. Bank Media Relations
                  Karen Greenwood, 612-303-0732

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