The community development subsidiary of Minneapolis-based U.S. Bank and Habitat for Humanity affiliates throughout the country are celebrating the bank’s recent investments of nearly $19 million of tax credit equity made in partnership with CEI Capital Management, LLC, Iowa Community Development, Harbor Bankshares Corporation, and Smith NMTC Associates to help finance the construction of 712 affordable homes in 18 states.
“We want all Americans to have access to quality, affordable housing,” said Zack Boyers, chairman and chief executive officer of U.S. Bancorp Community Development Corporation. “Working with partners like Smith NMTC, CCML, ICD, Harbor Bank, and many others over the years to generate capital, leverage sponsorship dollars raised by Habitat for Humanity affiliates, and increase the affiliates’ building capacity is one important way that we are helping make affordable housing available to more families.”
The investments are the latest in a series of similar funding commitments made by U.S. Bank. Over the past five years, U.S. Bancorp Community Development Corporation (USBCDC) has provided more than $80 million of New Markets Tax Credit equity and leverage to support the development of Habitat for Humanity homes in 30 states, working with St. Louis-based Smith NMTC Associates. Those combined investments have helped finance a total of 2,975 homes across the country. More detail about where those homes are located is provided below.
U.S. Bancorp, the parent company of U.S. Bank, has also supported Habitat for Humanity through charitable contributions and low-interest loans, in addition to the equity investments it makes through USBCDC. Since 2011, U.S. Bancorp Foundation has contributed more than $650,000 to Habitat for Humanity affiliates across the United States and provided another $23,000 in matching gifts. During that same timeframe, the company provided nearly a dozen loans to Habitat for Humanity affiliates worth more than $6 million.
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