Press release
Fifth Third Bank Announces Chicago-based Decennial Group as Partner for $30 Million Investment in Opportunity Zones
Bank also Commits $20 Million with Fallbrook Multifamily as Partner CHICAGO--(BUSINESS WIRE)-- Fifth Third Bank, National Association, announced today that
About this update from Fifth Third Bancorp
[{"type":"text","content":"\nBank also Commits $20 Million with Fallbrook Multifamily as Partner\n\n CHICAGO--(BUSINESS WIRE)--\nFifth Third Bank, National Association, announced today that Chicago-based Decennial Group will serve as a partner to help it invest $30 million in Qualified Opportunity Zones as part of its $100 million commitment announced last Friday. The funds will be used to develop projects in low-income urban and rural communities within the Bank’s footprint. The $100 million investment by Fifth Third Bank represents one of the largest made by an institution with a social impact investment strategy in Opportunity Zones.\n\n\n“We are thrilled to partner with Decennial to work on Qualified Opportunity Zones in Chicago and throughout Illinois and the Midwest,” said Mitchell Feiger, regional chairman and CEO of Fifth Third Bank, Chicago. “With this agreement in place, Decennial Group is working to immediately identify qualified development opportunities in Chicago and other Midwest markets. The group’s goal is to deploy Fifth Third’s capital and accelerate market activity in order to create high-quality, affordable housing. Fifth Third expects to make a substantial commitment to Illinois with this program.”\n\n\nDecennial Group is a vertically integrated investment management and development platform that will manage the assets for a minimum of 10 years, consistent with the requirements of investments made in Qualified Opportunity Zone locations.\n\n\n“Decennial Group was created to lead pioneering investments in underserved communities,” said Bob Clark, Decennial Managing Partner and Clayco CEO. “This partnership with Fifth Third will allow us to make a significant impact in Qualified Opportunity Zones in Chicago, the state of Illinois, and throughout the Midwest. We intend to bring the full impact of Decennial’s financial, operational, and industry expertise to create projects that help transform underinvested neighborhoods into affordable, vibrant, and thriving communities.”\n\n\nMayor Lori E. Lightfoot said, “We thank Fifth Third and Decennial Group for partnering with the City to create inclusive growth and committing to bring measurable, lasting investment to areas of Chicago with the greatest need. This will further our common goal of ensuring that INVEST South/West community corridors receive strategic investments, enhancing the quali...