CINCINNATI--(BUSINESS WIRE)--Fifth Third Community Development Corporation (CDC) today announced that it has reached the milestone of more than $500 million invested in affordable housing equity with Ohio Capital Corporation for Housing (OCCH) since 1994.
Created in 1989, Fifth Third CDC invests in projects that promote affordable housing, economic revitalization, historic restoration and small business development throughout Fifth Third’s footprint. Fifth Third CDC accomplishes this 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 CDC is a wholly owned, indirect subsidiary of Fifth Third Bancorp.
“Reaching $500 million in investments with OCCH is testament to Fifth Third’s commitment to create affordable housing opportunities within our community,” said Fifth Third President and CEO Greg D. Carmichael. “We salute the productive and life-changing work of OCCH and look forward to an ongoing collaboration to continue improving lives in the communities we serve.”
Ohio Capital Corporation for Housing is a nonprofit financial intermediary based in Columbus, Ohio, that works with private and public developers to create affordable housing opportunities. OCCH’s mission is "to cause the construction, rehabilitation, and preservation of affordable housing." Its core activity is raising private capital from corporations for investment in affordable housing developments utilizing the Low-Income Housing Tax Credit Program. As a "syndicator" of these tax credit transactions, OCCH performs long-term asset management and related activities for its investors, developers and property managers.
“Over OCCH's 26 years of facilitating investment in affordable housing and community development, Fifth Third Community Development Corporation is our largest investor,” said Hal Keller, president, Ohio Capital Corporation for Housing. “We are deeply gratified by their confidence in us and their commitment to our mission. Their half a billion dollars of investment in OCCH has made a real difference in communities and the lives of working families, senior citizens, veterans and the homeless.”
Fifth Third CDC and OCCH marked the $500 million investment milestone by joining with Talbert House at today’s grand opening of Parkway Apartments. Talbert House is a Cincinnati-based community-wide nonprofit network of services focusing on prevention, assessment and treatment for reintegration in Cincinnati. Located in the Clifton Heights, University Heights and Fairview neighborhoods of Cincinnati, Parkway Apartments is a 34 unit, multi-family housing adaptive renovation prioritized for military veterans. They were joined by Model Group, Ohio Housing Finance Agency and the Federal Home Loan Bank of Cincinnati. Fifth Third CDC invested more than $3.5 million in project level equity in Parkway Apartments.
In 2015, Fifth Third CDC made investments of $191.6 million. Since inception, the CDC has invested a grand total of more than $3 billion into local communities. This includes funding over 550 projects, covering affordable housing, commercial, retail, office and historic buildings, and the creation or preservation of over 55,000 units of housing through the Fifth Third CDC equity investments.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $141 billion in assets and operates 1,254 full-service Banking Centers, including 95 Bank Mart® locations, most open seven days a week, inside select grocery stores and 2,593 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Investment Advisors. Fifth Third also has an 18.3% interest in Vantiv Holding, LLC. Fifth Third is among the largest money managers in the Midwest, and, as of December 31, 2015, had $297 billion in assets under care, of which it managed $26 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 on the NASDAQ® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Member FDIC.
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