Huntington Bank to Invest $100 Million in Affordable Housing Across Ohio
Single largest affordable housing investment in the history of the state
CLEVELAND, July 8 /PRNewswire-FirstCall/ -- Huntington Bank (Nasdaq: HBAN) (www.huntington.com) today announced it will invest $100 million in Ohio affordable rental housing through 2012. It is the single largest investment in affordable housing in Ohio history and is expected to create more than 1,300 apartments for up to 3,000 low- to moderate-income people.
The money will help jumpstart the construction and remodeling of additional affordable housing that was stalled during the recession. With this investment, Huntington is hoping to help those who have been hard hit by the housing crisis and are seeking homes that are affordable and safe. Additionally, the added construction will provide much-needed jobs for more Ohioans.
Steve Steinour, Huntington CEO, joined U.S. Sen. Sherrod Brown (D-Ohio) at Jennings Center for Older Adults in Garfield Heights today to announce Huntington's investment, which is a partnership with the Ohio Capital Corporation for Housing (OCCH).
"Huntington is committed to supporting our communities so that they can remain vibrant and will attract more investment," Steinour said. "There is no better way to do so than to invest in housing units that make a significant difference to the quality of life in our communities."
"Ohio, especially Cleveland, has been hit hard by the foreclosure crisis," said Sen. Brown. "Our economy and our communities cannot recover until every Ohioan has a place that he or she can call home. This critical investment addresses the urgent need for affordable housing, and it also creates jobs and stimulates local economic development."
OCCH is a Columbus-based nonprofit corporation that raises and invests private capital in affordable rental housing throughout Ohio. Created in 1989 by the Ohio Housing Finance Agency, OCCH has invested in over 22,000 homes in Ohio. Huntington and OCCH have partnered on investments for over 20 years.
"Huntington's commitment to invest $100 million in Ohio affordable housing within the next 30 months is unprecedented," said Hal Keller, OCCH President. "The bank has invested more than $200 million in Ohio Capital funds and initiatives during the organization's entire 21-year history."
Today's press conference was held at St. Rita Senior Apartments, a 63-unit rental community for low- to moderate-income seniors, which is part of Jennings campus. St. Rita was completed in January of this year and is one of the projects Huntington supported.
Altogether Jennings Center for Older Adults has 156 units of independent housing for seniors including affordable and market-rate apartments. Its campus also includes assisted living, long-term nursing home care and short-term skilled nursing as well as child and adult day care.
"We are grateful to be working with Huntington and the Ohio Capital Corporation for Housing toward our common goal of affordable housing access in every corner of our state," said Kimberly Zurz, Director of the Ohio Department of Commerce and chair of the Ohio Housing Finance Agency Board. "We are not just offering bricks and mortar. We are providing homes for people where they can raise their families and share a sense of community with their neighbors."
Huntington Bancshares Incorporated is a $52 billion regional bank holding company headquartered in Columbus, Ohio. Through its affiliated companies, Huntington has been providing a full range of financial services for 144 years. Huntington offers checking, loans, savings, insurance and investment services. It has more than 600 branches and also offers retail and commercial financial services online at huntington.com; through its telephone bank; and through its network of over 1,300 ATMs. Huntington's Auto Finance and Dealer Services group offers automobile loans to consumers and commercial loans to automobile dealers within our six-state banking franchise area.
Ohio Capital Corporation for Housing is a non-profit financial intermediary that provides developers of affordable housing with access to capital markets. Created in 1989 by the Ohio Housing Finance Agency, OCCH has raised over $1.8 billion in equity investment, financed more than 22,000 units of affordable housing, and assisted in the creation of more than 425 affordable housing projects. As a now independent and self-supporting 501©3 nonprofit organization with its own Board of Directors, OCCH has become the largest locally controlled syndicator of Low Income Housing Tax Credits in the nation.
SOURCE Huntington Bank
Released July 8, 2010