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.