Huntington Recommits to Ohio Affordable Housing Investment Partnership, Breaks Own Historic Investment Record
Huntington tops previous $100 million investment commitment with new $150 million support announcement, providing a quarter-billion dollars for Ohio affordable housing through 2015
CINCINNATI--(BUSINESS WIRE)-- Huntington Bank (NASDAQ: HBAN; www.huntington.com) today announced it will extend its already historic investment commitment to Ohio affordable housing by funding $150 million in new and refurbished affordable rental housing development statewide over the next few years. With the announcement, Huntington breaks its own record for the single-largest Ohio affordable housing investment in state history, and commits a 2010-2015 total of $250 million to improved housing opportunities projected to positively impact more than 7,000 low- to moderate-income Ohio residents.
Huntington's newly announced $150 million investment, targeted through 2015, will generate approximately 2,000 new or refurbished affordable housing units for nearly 4,500 Ohio residents statewide, and is anticipated to support 1,000 construction jobs. Huntington's recently completed $100 million investment program announced in summer 2010 supported more than 1,000 new or improved affordable housing units housing 3,000 Ohio residents, and approximately 700 construction jobs.
Steve Steinour, Huntington's chairman, president and CEO, joined Ohio Capital Corporation for Housing (OCCH) President Hal Keller, Cincinnati Mayor Mark Mallory, and other elected officials in Cincinnati today at a North Rhine Heights Apartments building to make the $150 million affordable housing investment commitment announcement, which continues Huntington's and OCCH's partnership. A 14-building, 65-unit rehabilitation project in Cincinnati's downtown Over-the-Rhine neighborhood, North Rhine Heights Apartments is the final, recently completed investment project supported by Huntington's initial $100 million commitment partnership with OCCH.
"Over the past three years, families, individuals, seniors and veterans have benefited from Huntington's affordable housing investment," said Steinour. "With the state still experiencing a shortage of safe, affordable housing, we are once again investing in housing. Along with our partner OCCH, we want to help those displaced by the housing crisis and aid our communities as they continue their economic recovery."
"Every Cincinnatian deserves to live in a high quality, safe home that they can afford. And every time that you build new quality housing in any Cincinnati neighborhood, you are improving the quality of life for the whole neighborhood," said Mallory. "Huntington's announcement today will have a huge impact on countless Cincinnati families and families across 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 through tax credits issued by the Ohio Housing Finance Agency. A new element of the partnership will focus on leveraging a joint Huntington-OCCH investment of more than $1 million to provide physical recreational services to affordable housing project residents, encouraging better health and wellness.
"Huntington is taking yet another unprecedented step to support a better Ohio by providing a renewed commitment to affordable housing that bests an already impressive start," said Keller. "This fresh investment infusion will energize Ohio affordable housing by planting a new flag alerting developers that another major capital pool is now available."
Huntington Bancshares Incorporated is a $56 billion regional bank holding company headquartered in Columbus, Ohio. The Huntington National Bank, founded in 1866, provides full-service commercial, small business, and consumer banking services; mortgage banking services; treasury management and foreign exchange services; equipment leasing; wealth and investment management services; trust services; brokerage services; customized insurance brokerage and service programs; and other financial products and services. The principal markets for these services are Huntington's six-state banking franchise: Ohio, Michigan, Pennsylvania, Indiana, West Virginia, and Kentucky. The primary distribution channels include a banking network of more than 700 traditional branches and convenience branches located in grocery stores and retirement centers, and through an array of alternative distribution channels including internet and mobile banking, telephone banking, and more than 1,300 ATMs. Through automotive dealership relationships within its six-state banking franchise area and selected other Midwest and New England states, Huntington also provides commercial banking services to the automotive dealers and retail automobile financing for dealer customers.
The Huntington National Bank, Member FDIC. The logo mark and Huntington® are federally registered service marks of Huntington Bancshares Incorporated.
KEYWORDS: United States North America Ohio
The article Huntington Recommits to Ohio Affordable Housing Investment Partnership, Breaks Own Historic Investment Record originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.