This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

U.S. Bank Committed $202 Million In Investments For Community Development Projects In The Southeastern United States In 2013

Stocks in this article: USB

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.

About U.S. Bancorp Community Development CorporationWith more than $13.6 billion in managed assets as of March 31, 2014, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC's commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.

About U.S. BankU.S. Bancorp (NYSE: USB), with $371 billion in assets as of March 31, 2014, is the parent company of U.S. Bank National Association, the 5th largest commercial bank in the United States. The Company operates 3,083 banking offices in 25 states and 4,878 ATMs and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at usbank.com.



1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,805.41 +127.51 0.76%
S&P 500 1,964.58 +13.76 0.71%
NASDAQ 4,483.7150 +30.9230 0.69%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs