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U.S. Bank Provides $25.6 Million in Financing for Hope VI Development in Denver

DENVER--(BUSINESS WIRE)--Jan. 23, 2006--U.S. Bank is providing a $14.3 million construction loan for the Park Avenue Hope VI revitalization project, a multifamily, mixed-income affordable housing development in Denver. In addition to the construction loan, U.S. Bank's Community Development Corporation is providing $11.3 million in equity to purchase low-income housing tax credits. The Denver Housing Authority is the developer.

"U.S. Bank is proud to be a part of this important affordable housing development," said Mark Smith, president of U.S. Bank in Denver. "More safe and attractive affordable housing is needed in the Denver community. The U.S. Bank affordable housing team is delighted to help make more available for Denver families."

The 124-unit housing development is located at Park Avenue and Cleveland Place within a one block area; the revitalization master plan will cover five blocks when completed. Fifty-three percent of the Hope VI units will be affordable to households earning 50 percent or less of the Area Median Income. The remaining units will be market rate housing.

"U.S. Bank is a vital community and financial partner with Park Avenue L.P. in revitalizing this exciting Park Avenue Hope VI development, as well as other neighborhoods throughout the City and County of Denver," said Sal Carpio, executive director of the DHA.

U.S. Bank is a subsidiary of U.S. Bancorp (NYSE:USB). With $209 billion in assets, U.S. Bancorp is the 6th largest financial holding company in the United States. The company operates 2,419 banking offices and 5,003 ATMs in 24 states, 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 in which the company pays customers if certain key banking benefits and services are not met. Visit U.S. Bancorp on the web at www.usbank.com.

CONTACT: U.S. Bank Media Relations
Amy Frantti, 612-303-0733

"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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