Morgan Stanley Bank, N.A., 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 to meet the credit needs of the communities it serves. The Bank has received a mark of “Outstanding” as part of the OCC’s review of community reinvestment activities.
The OCC assessment highlighted several initiatives that were particularly responsive to emerging needs. These included a $100 million fund focused on integrated housing and healthcare services; an affordable housing complex for at-risk families, youth and individuals; and the provision of critical capital to a national organization dedicated to multifamily housing finance.
“We are committed to making investments in communities across the U.S. that support economic growth and address the needs of underserved individuals and families,” said Audrey Choi, Head of Global Sustainable Finance at Morgan Stanley. “We are continually looking for ways to deliver impact in innovative, targeted ways.”
The OCC highlighted several significant initiatives, including:
- Healthy Futures Fund . In partnership with The Kresge Foundation and the Local Initiatives Support Corporation (LISC), Morgan Stanley helped launch this first-of-its-kind, $100 million fund in 2012 to expand access to both health care and affordable housing, and to fund critical social services that help link the two.
- Bud Bailey Apartments. Morgan Stanley helped finance the construction of this 136-unit affordable housing development in Salt Lake City, Utah. The development was specifically conceived to accommodate youth aging out of foster care, formerly homeless individuals, and refugee families and was named “Urban Project of the Year” by the Utah Housing Coalition.
- Community Housing Capital (CHC). Morgan Stanley provided much-needed capital to CHC, a national community development financial institution that has financed nearly 12,000 units of affordable housing. As a lead investor in CHC, Morgan Stanley continues to provide innovative leadership in helping CHC source new capital.