Cleveland—Columbus-based Huntington Bank recently announced its intention to invest $150 million in affordable housing across Ohio between 2017 and 2018. This additional allocation brings the bank’s cumulative investment, in partnership with Ohio Capital Corp. for Housing, to $513 million over the past seven years. More than 15,000 low- and moderate-income Ohio residents benefited from these financings.
Huntington will again serve as a funding resource by investing equity in affordable housing properties in exchange for federal tax credits issued by the Ohio Housing Finance Agency. Nearly 5,600 Ohio residents statewide will be assisted. The commitment will generate approximately 3,700 new or refurbished affordable housing units and is anticipated to support 2,800 construction jobs.
“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 Steve Steinour, Huntington’s president & CEO, in prepared remarks.
As the largest tax credit investor in the state, Huntington Bank plans to direct $17 million toward the Greater Cincinnati area to ensure that affordable housing is available to families, veterans, individuals and seniors, according to cincinnati.com. Projects in Ohio include: a 43-unit permanent housing project in Over-the-Rhine; a 30-unit historic rehabilitation project near Findlay Market; a rehabilitation of a 140-unit senior housing community in Anderson Township; and a 48-unit family historic renovation project. Brown County, Middletown, Dayton and Springfield will also benefit from the 2017-2018 financing.
This allocation marks Huntington’s third major commitment to Ohio targeted for the development of affordable housing, with previous investments in 2010-2012 and 2013-2015.
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