Huntington Bank (NASDAQ: HBAN;
) today announced it will extend its already historic investment commitment to Ohio affordable housing by funding $150 million in new and refurbished affordable rental housing development statewide over the next few years. With the announcement, Huntington breaks its own record for the single-largest Ohio affordable housing investment in state history, and commits a 2010-2015 total of $250 million to improved housing opportunities projected to positively impact more than 7,000 low- to moderate-income Ohio residents.
Huntington’s newly announced $150 million investment, targeted through 2015, will generate approximately 2,000 new or refurbished affordable housing units for nearly 4,500 Ohio residents statewide, and is anticipated to support 1,000 construction jobs. Huntington’s recently completed $100 million investment program announced in summer 2010 supported more than 1,000 new or improved affordable housing units housing 3,000 Ohio residents, and approximately 700 construction jobs.
Steve Steinour, Huntington’s chairman, president and CEO, joined Ohio Capital Corporation for Housing (OCCH) President Hal Keller, Cincinnati Mayor Mark Mallory, and other elected officials in Cincinnati today at a North Rhine Heights Apartments building to make the $150 million affordable housing investment commitment announcement, which continues Huntington’s and OCCH’s partnership. A 14-building, 65-unit rehabilitation project in Cincinnati’s downtown Over-the-Rhine neighborhood, North Rhine Heights Apartments is the final, recently completed investment project supported by Huntington’s initial $100 million commitment partnership with OCCH.
“Over the past three years, families, individuals, seniors and veterans have benefited from Huntington's affordable housing investment,” said Steinour. “With the state still experiencing a shortage of safe, affordable housing, we are once again investing in housing. Along with our partner OCCH, we want to help those displaced by the housing crisis and aid our communities as they continue their economic recovery.”
“Every Cincinnatian deserves to live in a high quality, safe home that they can afford. And every time that you build new quality housing in any Cincinnati neighborhood, you are improving the quality of life for the whole neighborhood,” said Mallory. “Huntington’s announcement today will have a huge impact on countless Cincinnati families and families across Ohio.”