U.S. Bank Provides Financing for Bridge Housing's New Celadon at 9th & Broadway Apartments in San Diego

  U.S. Bank Provides Financing for Bridge Housing's New Celadon at 9th &
  Broadway Apartments in San Diego

Business Wire

SAN DIEGO -- February 13, 2013

U.S. Bank is providing more than $48 million in financing to help BRIDGE
Housing develop Celadon at 9^th & Broadway Apartments in the East Village
Quarter District of downtown San Diego. U.S. Bank made the announcement during
a groundbreaking celebration Friday, Feb. 8 at the site of the new development
– 929 9th Ave. at the southeast corner of 9th and Broadway.

“We’re proud to partner with BRIDGE to support Celadon at 9^th & Broadway,”
said Paul Shipstead, vice president of community lending at U.S. Bank. “BRIDGE
is a nationally respected affordable housing developer. This project will
serve a special needs income-qualified population in the East Village and
provide service-enriched housing options.”

The 17-story building will feature a mix of 250 living units, studios and
one-bedroom apartments available to individuals and small families earning 30
to 60 percent of area median income. Amenities include underground parking,
community space, and an outdoor terrace with a green roof, among others. The
project is under construction and will be completed by spring 2015.

U.S. Bank’s commitment includes permanent and construction debt and more than
$37 million of Low-Income Housing Tax Credit equity through its tax credit
investment subsidiary, U.S. Bancorp Community Development Corporation. BRIDGE
Housing received approval and funding from the City of San Diego to utilize
both 4 and 9 percent Low-Income Housing Tax Credits on the project in March
2012. At the time, the site was a surface parking lot.

“Celadon at 9th & Broadway will help fill the growing need for a range of
affordable homes in California,” said Cynthia Parker, president and chief
executive officer of BRIDGE Housing. “More than 40 percent of Californians are
unable to afford a two-bedroom apartment at market rents. With many California
counties ranking as the least affordable in the nation, working families are
hard-pressed to find, let alone afford, quality housing in their communities.
We’re pleased to bring this project to life with U.S. Bank’s support.”

Based in San Francisco, BRIDGE Housing has developed more than 110 affordable
housing projects in its 30-year history. Notable projects in partnership with
U.S. Bank include Ironhorse Apartments at Central Station, St. Joseph’s Senior
Apartments and Terraza Palmera Family Apartments in Oakland.

U.S. Bank has been active in supporting affordable housing in southern
California. In October 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, 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.

About BRIDGE Housing
BRIDGE Housing Corporation, a leading nonprofit developer of affordable
housing, creates and manages a range of high-quality, affordable homes for
working families and seniors. Since it was founded in 1983, BRIDGE has
participated in the development of over 14,000 homes serving more than 37,000
people. For more information, visit www.bridgehousing.com.

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
With more than $10.8 billion in assets, U.S. Bancorp Community Development
Corporation (USBCDC), 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
usbank.com/cdc.

About U.S. Bancorp
U.S. Bank has 78 offices and 938 employees in San Diego County. 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 usbank.com.

Contact:

U.S. Bank Public Relations
Teri Charest, 612-303-0732
teri.charest@usbank.com
 
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