Southern California Association of NonProfit Housing Honors U.S. Bank for
Its Commitment to Funding Affordable Housing
LOS ANGELES -- October 31, 2012
U.S. Bank received the Financial Supporter of the Year award at the Southern
California Association of NonProfit Housing (SCANPH) conference in Los Angeles
in October. The event is the one of the largest affordable housing conferences
in the country.
U.S. Bank was honored for its support of organizations that encourage the
purchase, preservation, rehabilitation, and construction of affordable housing
through direct lending, tax credit investments, partnership with investment
lending programs, grants or volunteer support of affordable housing nonprofits
in Southern California, and particularly for its work in Los Angeles.
U.S. Bancorp Community Development Corporation (USBCDC) invests in efforts,
including the creation of quality affordable housing, as a means to improve
and revitalize communities. Since 2001, the USBCDC has invested more than $275
million in affordable housing in Southern California. Additionally, U.S. Bank
Community Lending has committed an additional $1 billion in financing of
As a participant in the Federal Home Loan Bank Community Investment Lending
Program, U.S. Bank provides affordable housing program grants for qualified
projects, contributing to the creation of nearly 3,000 affordable housing
units in Southern California alone.
U.S. Bank serves as one of the primary trustees for the City of Los Angeles,
monitoring more than $500 million of the city’s affordable housing, community
and economic development bond facilities.
U.S. Bank has extended more than $145 million in low-interest community
development loans in Los Angeles County since the beginning of 2011, and made
another $60 million in investments that provided affordable housing,
encouraged self-sufficiency and fostered economic development. Some of these
projects included the following:
*As the lead agent bank, U.S. Bank arranged $135 million in financing for
the development of a student-housing complex in a once blighted area near
the University of Southern California’s campus. Located in a low-income
area, SBA HUB zone, state enterprise zone and a California Redevelopment
Project Area, the project establishes a medical health facility to serve
the local public, creates 25 units of affordable housing, and will employ
local residents and at-risk youth, as well as establish a loan fund for
local small business.
*U.S. Bank provided $30 million in financing for the rehabilitation of a
1900s office building in downtown Los Angeles. The project created 178 new
market-rate apartments and was purchased by the developer as a result of
the Adaptive Reuse Ordinance which has helped to convert older
economically distressed or historically significant buildings for new
uses. The project is in a revitalization plan zone and a low-income tract
helping to redevelop a historic core area in Los Angeles.
*U.S. Bank provided a $10.4 million for the new construction of a 98 units
for seniors with an additional 10 percent set aside for at risk homeless
seniors in Panorama City.
U.S. Bank employees actively participate on 150 nonprofit boards in Southern
California, many of which are focused on affordable housing.
U.S. Bank collaborated with Habitat for Humanity of Greater Los Angeles
hosting “Build Days” in Lawndale, Lynwood and South Gate. More than 65 U.S.
Bank employees volunteered more than 500 hours to help build two new homes and
rehabilitate properties that will provide safe housing for low-income
U.S. Bank hosted a donation drive for L.A. Family Housing, a provider of
transitional housing that helps families who are in need of shelter every year
since 2005. U.S. Bank employees donated gift cards, hundreds of toys, new
bedding, turkeys, fresh fruits and vegetables for the families in the shelter.
All of the donations were delivered at a holiday celebration hosted by U.S.
Bank at the Comunidad Cesar Chavez.
U.S. Bank has been an active member of the SCANPH since 2000. To learn more
about the SCANPH conference visit www.scanph.org/conference.
U.S. Bancorp (NYSE: USB), with $352 billion in assets as of Sept. 30, 2012, is
the parent company of U.S. Bank, the 5th largest commercial bank in the United
States. The company operates 3,086 banking offices in 25 states and 5,080 ATMs
and provides a comprehensive line of banking, brokerage, insurance,
investment, mortgage, trust and payment services products to consumers,
businesses and institutions. U.S. Bancorp and its employees are dedicated to
improving the communities they serve, for which the company earned the 2011
Spirit of America Award, the highest honor bestowed on a company by United
Way. Visit U.S. Bancorp on the web at www.usbank.com.
Teri Charest, U.S. Bank Public Relations
(612) 303-0732, firstname.lastname@example.org
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