Press release
Fifth Third Community Development Co. Invests More than $338 Million in 2019
CINCINNATI--(BUSINESS WIRE)-- Fifth Third Community Development Co. LLC II, a wholly owned, indirect subsidiary of Fifth Third Bank, National Association,
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[{"type":"text","content":" CINCINNATI--(BUSINESS WIRE)--\nFifth Third Community Development Co. LLC II, a wholly owned, indirect subsidiary of Fifth Third Bank, National Association, closed more than $338 million in equity investments in 2019. The money funded more than 200 initiatives. The CDC focuses on affordable housing through the creation or preservation of housing units, small business access to capital and revitalization of distressed areas by investing in commercial and retail offices that benefit low- to moderate-income communities and people.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191230005260/en/Catherine Cawthon, Fifth Third Bank's CDC President (Photo: Business Wire)\n\n“The Fifth Third CDC works with partners to invest in rejuvenating neighborhoods where people will have the opportunity to thrive in the environments where they live and work,” said Catherine Cawthon, CDC president.\n\n\nThe CDC has invested more than $850 million as part of Fifth Third Bank’s five-year Community Commitment, which was established at $30 billion in 2016 and increased to $32 billion in 2018.\n\n\nNotable CDC investments in 2019 included $8 million toward the affordable housing portion of the redevelopment of the Dayton Arcade, a nine-building, 330,000-square-foot complex in the heart of Dayton, Ohio, and $9 million in the Montclare Senior Apartments community in Chicago, which includes 101 affordable housing units. As a longtime supporter of the Ohio Capital Impact Corp., a subsidiary of the Ohio Capital Corporation of Housing, the CDC also provided funding to send more than 800 children to summer camp and to provide backpacks to help prepare school-age children in Columbus, Ohio, for the school year.\n\n\nLogan Towers, an initiative of Talbert House, one of the largest social services organizations in Cincinnati, received $8.8 million from the CDC in 2019. The project will renovate an historic building in Cincinnati’s Over-the-Rhine neighborhood to create 63 redesigned apartments, 33 of which will be permanent supportive housing units through Talbert House. The rest will be affordable rental units. All the units have affordability at 30%, 50% and 60% of the area median income. They also have accessibility features to allow people with disabilities to live independently.\n\n\nThe Dayton YWC...