Fifth Third Bancorp has announced that the Fifth Third Community Development Co. (CDC), a wholly owned subsidiary of the bank, will invest $5 million with the Cincinnati Development Fund (CDF) to advance the development of affordable housing in the city.
The single largest investment ever received by CDF will bolster its efforts to provide loans and funds that facilitate pre-development and development activities in underserved neighborhoods in and around Cincinnati. To date, CDC and CDF have partnered on several projects, including the renovation of the Sanctuary at St. Michael's complex in the Lower Price Hill neighborhood; Opportunity Hub, a space where Cincinnatians can connect with jobs, housing, and other opportunities; Community Market, a food pantry; and LPH Thrives, a community-led initiative to create affordable housing.
As part of Fifth Third Bank's Community Commitment, which was launched in 2016 with a commitment of $30 billion — since increased to $32 billion — CDC invested $209 million in community development initiatives in 2017 and will invest $220 million in such initiatives in 2018.
"We are grateful for the Fifth Third CDC's support and long-lasting commitment to Cincinnati Development Fund and our work," said CDF president and CEO Jeanne Golliher. "It is because of partners like the Fifth Third CDC that we are able to strengthen the economic vitality of greater Cincinnati by investing in our neighborhoods."