- Stephanie Haas 513.579.5113
Fifth Third Bank Community Development Corporation Surpasses $1 Billion Mark in Investments
The Fifth Third Bank Community Development Corporation (CDC) today announced that it has invested in projects totaling over $1 billion since its inception in 1989.
The CDC invests in viable community development projects throughout Fifth Third Bancorp's footprint in Ohio, Kentucky, Indiana, Michigan, Illinois, Tennessee, West Virginia, Florida, Pennsylvania and Missouri. The CDC invests in projects that promote affordable housing, economic revitalization and historic restoration.
R. Wayne Koehler, president of the Fifth Third Community Development Corporation, said, “Achieving this significant milestone relatively early in our existence is testament to Fifth Third Bank's dedication to making an immediate and long-term positive impact in the communities we serve.”
He continued, “The work of the CDC proves that quality investments are good business for both companies and communities, especially the people in those communities, who benefit. This milestone for the CDC marks another step forward as we carry out our mission to make quality investments that improve lives.”
The CDC accomplishes its mission by purchasing Low Income Tax Credits directly or through funds; by purchasing Historic Tax Credits; and by using New Market Tax Credits to impact the community. The work of the CDC goes beyond its financial investments. It serves as a resource to community developers and non-profit and for-profit organizations. The CDC also partners with Fifth Third Bancorp affiliates and non-profit community housing development organizations to sponsor the affiliates for the Federal Home Loan Bank's grant funding. Further, the CDC does compliance monitoring and asset management of its investments to ensure each project meets the CDC's goal of affordable housing creation and economic development.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $99.8 billion in assets, operates 18 affiliates with 1,161 full-service Banking Centers, including 109 Bank Mart® locations open seven days a week inside select grocery stores and 2,104 Jeanie® ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania and Missouri. Fifth Third operates five main businesses: Commercial Banking, Branch Banking, Consumer Lending, Investment Advisors and Fifth Third Processing Solutions. Fifth Third is among the largest money managers in the Midwest and, as of March 31, 2007, has $225 billion in assets under care, of which it managed $34 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded through the NASDAQ® National Global Select Market System under the symbol “FITB.”
The Fifth Third Development Community Corporation has made a variety of investments since its inception. Among them are:
Affordable Housing :
Colonial Park Apartments, $2.4 million, Indianapolis, IN. Rehabilitation of three existing buildings. All 106 units were 100% affordable under the IRS Section 42 Low-Income Housing Tax Credit (LIHTC) program. All units were restricted to households earning no more than 30% of the area median income (AMI).
Commons at Grant, $1.65 million, Columbus, OH. New construction of a 100-unit single room occupancy residential facility. One half of the units were targeted for homeless single adults and the other half for low-income single adults.
Concordia Park Apartments, $4.7 million, Chicago, IL. The acquisition and rehabilitation of 297 units in Riverdale for those at or below 60% of the AMI.
Hallmark at Fisk Apartments, $5.1 million, Nashville, TN. New construction of a 90-unit family community, most reserved for families at or below 50% AMI.
Wild Pines II Apartments, $1.5 million, Naples, FL . The 104-unit apartment complex is 100% affordable under the LIHTC program.
Mt. Mercy Housing Development Homes II, $3.5 million, Grand Rapids, MI. New construction of 55 units of Section 42 affordable housing.
Nichols Meadows, $3.7 million, Louisville, KY. Forty low-income tax credit units for households at or below 50% AMI.
Oakwood Homes, $1 million, Toledo, OH . Forty lease-to-own singly family homes on the west side of Toledo.
Riverside Apartments, $3 million, Detroit, MI . Rehabilitation of four buildings, which consisted of 67 units of low-income affordable housing.
Historic Restoration :
Art Academy, $2 million, Cincinnati, OH. Relocation of the Art Academy of Cincinnati to a new site where two historic buildings were rehabilitated in the Over-the-Rhine neighborhood.
The Cannery at Webster Station, $1.1 million, Dayton, OH. The rehabilitation of seven buildings into 156 loft apartments and 35,000 square feet of commercial space.
Economic Revitalization :
Douglass Centre, $825,000, Huntington, WV. An acquisition/rehabilitation of a former school on the National Register of Historic Buildings, which was not in use.
JAS Investment, $2 million, Hamtramck, MI. New construction of a 25,000 square foot manufacturing/cold storage facility to be operated by 18 th Street Deli.
New Market Tax Credits :
Community Loan Fund New Markets I & II, $2.35 million, Ohio. The Fund is a source of private sector financing for economic development projects located in new market tax credit qualified census tracts throughout Ohio.Shaker Square Shopping Center, $11 million, Cleveland, OH. The CDC utilized New Market Tax Credits to invest in Shaker Square to boost economic growth.