U.S. Bank Extends $38 Million for the Creation of a New Healthcare and Housing Facility for Denver's Homeless

  U.S. Bank Extends $38 Million for the Creation of a New Healthcare and
  Housing Facility for Denver's Homeless

Business Wire

DENVER -- January 30, 2013

U.S. Bank has extended financing to Colorado Coalition for the Homeless for
their new Stout Street Health Center & Renaissance Stout Street Lofts, a
mixed-use five-story development in downtown Denver. A groundbreaking
celebration will take place at the site of the new development today.

The Coalition will replace its Stout Street Clinic with the new,
48,000-square-foot Stout Street Health Center in the Arapahoe Square
neighborhood, across the street from its current location. The expanded
clinic, which is a Federally Qualified Health Center, will increase current
capacity by 75 percent, enabling the Coalition to provide integrated health
care services to more than 15,000 homeless adults and children annually. The
center is part of a mixed-use development that will also include Renaissance
Stout Street Lofts, a 78-unit multifamily housing complex with one-third of
the units intended for individuals transitioning out of homelessness.

“U.S. Bank is proud to expand our partnership with the Colorado Coalition for
the Homeless. The Coalition strives to create lasting solutions to
homelessness and we are delighted to help them achieve their vision,” said
Hassan Salem, Denver market president for U.S. Bank. “This important new
facility will provide integrated health care and supportive housing for
homeless and at-risk adults and children to improve their health, well-being
and stability.”

U.S. Bank, a longtime partner of the Coalition, is providing two separate
financing packages for the $38 million development, including an $11 million
construction loan and nearly $13 million of Low-Income Housing Tax Credit
equity to finance the residential housing, and an $8.5 million loan and nearly
$6 million in New Markets Tax Credit (NMTC) equity to support the development
of the health center. U.S. Bank structured the tax credit investments through
its community investment subsidiary, U.S. Bancorp Community Development
Corporation, partnering with Build America CDE on the NMTC financing. U.S.
Bank also allocated an award of NMTCs in support of the project through its
own Community Development Entity, USBCDE.

For nearly 25 years, the Coalition has worked collaboratively toward the
prevention of homelessness and the creation of lasting solutions for homeless
and at-risk families, children and individuals throughout Colorado. The
Coalition advocates for and provides a continuum of housing and services to
improve the health, well-being and stability of their clients.

“U.S. Bank is a critical partner to the Coalition and an important leader in
strengthening our community,” said Coalition President John Parvensky. “Their
team went above and beyond to meet the complex financing needs for this
project.”

About the Colorado Coalition for the Homeless
The mission of the Colorado Coalition for the Homeless is to work
collaboratively toward the prevention of homelessness and the creation of
lasting solutions for homeless and at-risk families, children, and individuals
throughout Colorado. The Coalitionadvocates for and provides a continuum of
housing and a variety of services to improve the health, well-being and
stability of those it serves. Since its foundingmore than 25 years ago, the
organizationhas earned state and national recognition for its integrated
healthcare, housing and service programs. The Coalition’s comprehensive
approach addresses the causes of homelessness, as well as the consequences,
offering critical assistance to over 16,000 individuals and families each
year.

About U.S. Bank Community Lending Division
U.S. Bank provides hundreds of millions of dollars of financing every year for
the development of affordable housing in communities all across the United
States. U.S. Bank customers are both for-profit and non-profit developers who
are bringing to life a full range of multi-family living for both individuals
and families. Together with these partners, U.S. Bank is helping to address
the shortage of affordable housing that exists in nearly every state where we
do business.

About U.S. Bancorp Community Development Corporation
U.S. Bancorp Community Development Corporation, the tax credit investment
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 usbank.com/cdc.

About U.S. Bancorp
U.S. Bancorp (NYSE: USB), with $354 billion in assets as of December 31, 2012,
is the parent company of U.S. Bank, the 5th largest commercial bank in the
United States. The Company operates 3,084 banking offices in 25 states and
5,065 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 www.usbank.com.

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Contact:

U.S. Bank Public Relations
Nicole Garrison-Sprenger, 612-303-0731
nicole.sprenger@usbank.com
or
Colorado Coalition for the Homeless
BJ Iacino, 303-285-5223
biacino@coloradocoalition.org
 
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