ST. LOUIS--(BUSINESS WIRE)--Nov. 3, 2009--
USBCDE, LLC, U.S. Bank’s Community Development Entity (CDE), recently
received $95 million in New Markets Tax Credit (NMTC) allocation
authority from the U.S. Treasury’s Community Development Financial
Institutions Fund (CDFI Fund), bringing its total allocation awards to
date to $435 million. With this allocation, USBCDE will continue to
support its financing activities to for-profit and non-profit operating
businesses and developers of mixed use real estate, including office,
industrial, retail, and community facilities in distressed and
underserved areas in low income communities throughout the nation.
Since 2006, USBCDE has financed 41 NMTC projects in 22 states and 34
cities and towns across the country. Some of the diverse projects that
USBCDE has been able to finance with its allocation awards include the:
-
construction of a small business incubator focused on assisting
growing IT firms in Tacoma, WA
-
transformation of an abandoned ironworks building into a much needed
east-side Madison, WI community center
-
renovation of an abandoned motel and property to provide transitional
housing and substance abuse treatment services for women recently
released from prison in Fresno, CA
-
completion of a nonprofit school dedicated entirely to the needs of
children whose families are homeless, in transition and experiencing
chronic poverty-related crises in Portland, OR
-
development of a “green” employee-owned commercial laundry facility in
Cleveland, OH
-
renovation of an historic F.W. Woolworth store into an International
Civil Rights Center & Museum in Greensboro, NC
U.S. Bank’s commitment to the NMTC Program is evidenced by its receipt
of the largest NMTC allocation award among all financial institutions
that have a CDE. In addition, U.S. Bank serves as the most active NMTC
investor in the nation through its subsidiary U.S.
Bancorp Community Development Corporation (USBCDC). Since 2003,
USBCDC has invested over $2 billion in NMTC equity to over 470
qualifying projects.
Zack Boyers, chairman and chief executive officer of USBCDC noted,
“Through our role as both a tax credit investor and as a CDE, we are
pleased to continue to be active participants in the NMTC Program. We
are committed to being agents of positive change in distressed
communities across America, and collaborating with like-minded CDE
partners who are dedicated to using private capital for social good.”
USBCDE’s 2009 allocation award is part of a $5 billion NMTC package
recently announced by the CDFI Fund. The NMTC Program serves as a
catalyst to encourage investment of private capital in urban and rural
low-income communities, allowing taxpaying investors to receive a credit
against federal income taxes for making qualified equity investments in
designated CDEs ($100 of qualified investments generates $39 in tax
credits). Substantially all of the qualified equity investments must in
turn be used by the CDE to provide investments in low-income
communities. To date, the CDFI Fund has made awards totaling $26 billion
in allocation authority.
About U.S. Bancorp Community Development Corporation
With assets of over $6 billion, U.S. Bancorp Community Development
Corporation (USBCDC) finances community development and affordable
housing projects through the use of New Markets, Historic, Low-Income
Housing, and Renewable Energy Investment tax credits. USBCDC is the
largest New Markets tax credit investor in the country, investing
billions of dollars nationwide in hundreds of transactions. These equity
investments have provided much needed revitalization and new resources
to communities throughout the country.
USBCDC is a subsidiary of U.S. Bank and U.S. Bancorp (NYSE: USB).
About U.S. Bank
With $266 billion in assets, U.S. Bancorp is the parent company of U.S.
Bank, which is the 6th largest commercial bank in the United States.
Through U.S. Bancorp, U.S. Bank, and other subsidiaries, the company
serves more than 13 million customers with more than 2,850 banking
offices in 24 states, additional specialized offices across the U.S. and
in several foreign countries, Internet and telephone banking, and over
5,000 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. Bank on the web at www.usbank.com.
Source: U.S. Bank
U.S. Bank
Lisa Clark, Media Relations, 608-877-7517
lisa.clark2@usbank.com
