Marketwire 22-Mar-2017 11:00 AM
CLEVELAND, OH -- (Marketwired) -- 03/22/17 -- Huntington Bank(NASDAQ: HBAN) today announced it is stepping up by investing $150 million to ensure affordable housing continues for those most vulnerable throughout Ohio. This additional allocation brings Huntington's cumulative investment in partnership with Ohio Capital Corporation for Housing (OCCH) to $513 million over the past seven years, creating a positive impact for more than 15,000 low- to moderate-income Ohio residents.
Huntington and Community leaders again aligned with affordable housing partners and advocates in Cleveland to announce the company's 2017-2018 commitment, having launched the initiative from the city in 2010. Steve Steinour, Huntington's chairman, president and CEO, joined OCCH President, Hal Keller, Cuyahoga County Executive, Armond Budish, and other civic and community leaders at Euclid Corridor Senior Housing site Church Square Commons to share the news.
"When we learned that affordable housing development was stalling because of potential changes to the Federal tax code, we immediately responded. We believe it is vital to continuously support adequate housing for those who require it most," said Steinour. "Ohio has been our home for the past 151 years and we remain committed to investing in neighborhoods and affordable housing to help people lead better lives. We hope our new commitment will help accelerate the rate of investment by others in partnership with OCCH to keep Ohio affordable housing starts and refurbishment projects on track."
This marks Huntington's third major investment commitment to Ohio targeted for the development of affordable housing, with previous announcements of $100 million in 2010-2012 and $150 million in 2013-2015 (plus additional investment of $113 million in 2016). All have been designed to maintain statewide development momentum to meet critical housing needs and supportive services for low income families and individuals, seniors and veterans.
"Affordable housing availability is a benchmark for quality of life no matter where we call home, and we must continue to deliver quality, safe housing for all Cleveland residents regardless of economic status," said Budish. "Investments like Huntington's are critical to maintaining affordable housing developments and creating new affordable housing opportunities to help those in need to improve the quality of neighborhoods throughout Northeast Ohio."
In committing $150 million in partnership with OCCH, Huntington will again provide a funding resource by investing equity in affordable housing properties throughout the state in exchange for federal tax credits issued by the Ohio Housing Finance Agency. The 2017-2018 commitment will help nearly 5,600 Ohio residents statewide, generate approximately 3,700 new or refurbished affordable housing units and is anticipated to support 2,800 construction jobs.
"The best way to make a difference and help those in need is through partnership. Huntington has stepped forward throughout the past decade to champion affordable housing development in Ohio," said Keller. "Huntington is the largest tax credit investor in the state and has consistently invested significant capital providing very substantial support to help ensure affordable, secure housing for thousands of Ohio families."
Huntington Bancshares Incorporated is a regional bank holding company headquartered in Columbus, Ohio, with $100 billion of assets and a network of 1,014 branches and 1,865 ATMs across eight Midwestern states. Founded in 1866, The Huntington National Bank and its affiliates provide consumer, small business, commercial, treasury management, wealth management, brokerage, trust, and insurance services. Huntington also provides auto dealer, equipment finance, national settlement and capital market services that extend beyond its core states. Visit huntington.com for more information.