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
"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