NEW YORK--(BUSINESS WIRE)--Morgan Stanley Private Bank, National Association, a national bank subsidiary of Morgan Stanley (NYSE: MS), has been recognized with the highest rating from the Office of the Comptroller of the Currency (OCC) for its work meeting the credit needs of the communities it serves, primarily New York City and Westchester County, NY. The Firm received a rating of “Outstanding” for its community reinvestment activities for the seventh consecutive time.
The publicly available evaluation report from the OCC notes the excellent level of community development activity that contributed to the “Outstanding” rating including a total of $2.2 billion in community development loans and investments that addressed the need for affordable housing and economic development.
“Morgan Stanley is extremely proud to have received, for the seventh time in a row, an 'Outstanding' rating from the OCC for our community reinvestment work,” said Michael Pizzi, Head of U.S. Banks and Managing Director. “Our program’s continued focus on affordable housing and economic development remains our priority in the communities we serve.”
The OCC report highlights several initiatives including loans and investments that support the rehabilitation of affordable homes owned and operated by Housing Authorities. These include a $45 million loan for a New York City Housing Authority redevelopment of 949 apartments across 47 buildings in the rapidly gentrifying Bushwick neighborhood of Brooklyn.
Another noted housing initiative is a $10.1 million tax credit investment syndicated by Enterprise Community Partners for the Municipal Housing Authority of the City of Yonkers to undertake a significant renovation of 86 affordable homes for senior citizens including accessibility improvements, energy conservation retrofits and upgraded interiors.
“Enterprise is fortunate to have an investor partner like Morgan Stanley who understands the critical necessity of good homes with affordable rents in Westchester and across the country,” said Lori Chatman, President, Capital Division, Enterprise Community Partners. “We deeply value Morgan Stanley’s partnership and their commitment to affordable housing and community development.”
The report also noted the Bank’s loan for a New York City affordable housing portfolio with a minority-owned sponsor, an initiative that led to the launch of an investment fund, managed by TruFund Financial Services, dedicated to investing in diverse affordable housing developers.
James Bason, President and CEO of TruFund said, “Morgan Stanley is an innovator and market leader when it comes to working with partners and creating innovative solutions for diverse businesses. They look for ways to make impact and fill gaps in the affordable housing and economic development markets with a dedication to long term solutions.”
“We thank our community partners for their ongoing collaboration in the New York market and beyond. Customizing solutions with our esteemed partners ensures that we are adding value where it is most needed,” said Mike Mantle, Head of Morgan Stanley Community Development Finance and Managing Director.
About Morgan Stanley
Morgan Stanley (NYSE: MS) is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For further information about Morgan Stanley, please visit www.morganstanley.com.