Southern California Association of NonProfit Housing Honors U.S. Bank for Its Commitment to Funding Affordable Housing
LOS ANGELES--(BUSINESS WIRE)-- U.S. Bank received the Financial Supporter of the Year award at the Southern California Association of NonProfit Housing (SCANPH) conference in Los Angeles in October. The event is the one of the largest affordable housing conferences in the country.
U.S. Bank was honored for its support of organizations that encourage the purchase, preservation, rehabilitation, and construction of affordable housing through direct lending, tax credit investments, partnership with investment lending programs, grants or volunteer support of affordable housing nonprofits in Southern California, and particularly for its work in Los Angeles.
U.S. Bancorp Community Development Corporation (USBCDC) invests in efforts, including the creation of quality affordable housing, as a means to improve and revitalize communities. Since 2001, the USBCDC has invested more than $275 million in affordable housing in Southern California. Additionally, U.S. Bank Community Lending has committed an additional $1 billion in financing of multi-family housing.
As a participant in the Federal Home Loan Bank Community Investment Lending Program, U.S. Bank provides affordable housing program grants for qualified projects, contributing to the creation of nearly 3,000 affordable housing units in Southern California alone.
U.S. Bank serves as one of the primary trustees for the City of Los Angeles, monitoring more than $500 million of the city's affordable housing, community and economic development bond facilities.
U.S. Bank has extended more than $145 million in low-interest community development loans in Los Angeles County since the beginning of 2011, and made another $60 million in investments that provided affordable housing, encouraged self-sufficiency and fostered economic development. Some of these projects included the following:
As the lead agent bank, U.S. Bank arranged $135 million in financing for the development of a student-housing complex in a once blighted area near the University of Southern California's campus. Located in a low-income area, SBA HUB zone, state enterprise zone and a California Redevelopment Project Area, the project establishes a medical health facility to serve the local public, creates 25 units of affordable housing, and will employ local residents and at-risk youth, as well as establish a loan fund for local small business.
U.S. Bank provided $30 million in financing for the rehabilitation of a 1900s office building in downtown Los Angeles. The project created 178 new market-rate apartments and was purchased by the developer as a result of the Adaptive Reuse Ordinance which has helped to convert older economically distressed or historically significant buildings for new uses. The project is in a revitalization plan zone and a low-income tract helping to redevelop a historic core area in Los Angeles.
U.S. Bank provided a $10.4 million for the new construction of a 98 units for seniors with an additional 10 percent set aside for at risk homeless seniors in Panorama City.
U.S. Bank employees actively participate on 150 nonprofit boards in Southern California, many of which are focused on affordable housing.
U.S. Bank collaborated with Habitat for Humanity of Greater Los Angeles hosting "Build Days" in Lawndale, Lynwood and South Gate. More than 65 U.S. Bank employees volunteered more than 500 hours to help build two new homes and rehabilitate properties that will provide safe housing for low-income families.
U.S. Bank hosted a donation drive for L.A. Family Housing, a provider of transitional housing that helps families who are in need of shelter every year since 2005. U.S. Bank employees donated gift cards, hundreds of toys, new bedding, turkeys, fresh fruits and vegetables for the families in the shelter. All of the donations were delivered at a holiday celebration hosted by U.S. Bank at the Comunidad Cesar Chavez.
U.S. Bank has been an active member of the SCANPH since 2000. To learn more about the SCANPH conference visit www.scanph.org/conference.
U.S. Bancorp (NYS: USB) , with $352 billion in assets as of Sept. 30, 2012, is the parent company of U.S. Bank, the 5th largest commercial bank in the United States. The company operates 3,086 banking offices in 25 states and 5,080 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp and its employees are dedicated to improving the communities they serve, for which the company earned the 2011 Spirit of America Award, the highest honor bestowed on a company by United Way. Visit U.S. Bancorp on the web at www.usbank.com.
Teri Charest, U.S. Bank Public Relations
(612) 303-0732, email@example.com
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