U.S. Bank more than doubled the amount of tax credit equity financing it committed to support community development projects in the southeastern United States last year. The bank committed $202 million in funding for projects located in Alabama, Florida, Georgia, Louisiana and Mississippi, up from $90 million in 2012.
Made through the bank’s community development subsidiary U.S. Bancorp Community Development Corporation (USBCDC) in the form of tax credit equity investments, the funding supported the development of affordable housing, rehabilitation of vacant buildings and job-creating economic development projects in rural areas.
“We’re proud of our role in supporting community development throughout the Southeast last year, and we continue to look for opportunities make investments that promote economic vibrancy in urban and rural areas,” said Zack Boyers, chief executive officer for U.S. Bancorp Community Development Corporation.
The funding included state and federal Low-Income Housing, New Markets and/or Historic Tax-Credit financing for projects such as:
- The development of affordable housing properties in Miami and Fort Lauderdale, Fla. St. Martin’s Place, a 94-unit affordable multifamily apartment complex in Miami, will include units set aside as supportive housing to serve the needs of formerly homeless individuals. Village Place, a 112-unit senior affordable housing apartment building in Fort Lauderdale, is close to the city’s downtown shopping district and targets active seniors. USBCDC committed a combined $47 million in tax credit equity for the developments.
- The rehabilitation of an office tower in the Central Business District of New Orleans, La. that had been vacant since Hurricane Katrina. The building, located at 225 Baronne St., will be converted into a mixed-use development featuring mixed-income apartments, a hotel and parking. USBCDC committed more than $22 million in tax credit equity.
- The renovation of a vacant facility in rural Selma, Ala. where Zilkha Biomass Energy will produce environmentally sustainable and low carbon wood pellet fuel that coal plants can use with their existing equipment. The project will create 175 permanent jobs in Selma and the surrounding area, which has one of the highest unemployment rates in Alabama. USBCDC committed more than $3.5 million in tax credit equity.