{"id":46287,"date":"2016-11-18T16:05:33","date_gmt":"2016-11-18T21:05:33","guid":{"rendered":"http:\/\/ncrcdev.local\/fifth-third-bank-and-national-community-reinvestment-coalition-announce-30-billion-community-development-plan\/"},"modified":"2021-11-12T10:21:36","modified_gmt":"2021-11-12T15:21:36","slug":"fifth-third-bank-and-national-community-reinvestment-coalition-announce-30-billion-community-development-plan","status":"publish","type":"post","link":"https:\/\/ncrc.org\/fifth-third-bank-and-national-community-reinvestment-coalition-announce-30-billion-community-development-plan\/","title":{"rendered":"Fifth Third Bank and National Community Reinvestment Coalition Announce $30 Billion Community Development Plan"},"content":{"rendered":"

Washington, DC \u2013 Today, in an agreement reached with the National Community Reinvestment Coalition (NCRC) and its community-based members and allies across the Midwest and Southeast, Fifth Third Bank announced an increase to their landmark community benefits agreement to $30 billion. The commitment covers community development, including lending and investments, between 2016 and 2020.<\/p>\n

\"\"<\/a><\/p>\n

Fifth Third\u2019s Community Development Plan includes mortgage and small business lending, including micro-lending, community development lending and investing, philanthropy, and financial services for low- and moderate-income communities. A summary of the plan can be found here.<\/div>\n
\u201cThis substantive and detailed community development plan was the result of a collaborative process with community members and bank leaders,\u201d said NCRC President & CEO John Taylor. \u201cWe applaud President & CEO Greg Carmichael and the senior leadership of Fifth Third, who after putting out a significant community commitment earlier in the year, were willing and eager to deeply engage NCRC and its member organizations in significant discussions to ensure the commitments made were in areas of the greatest community need and put in place rigorous accountability for their bank and the communities they serve.\u201d<\/div>\n
\u201cFifth Third is deeply committed to both investing significant resources into the community as well as engaging community members and leaders,\u201d said Fifth Third Bancorp President and CEO Greg D. Carmichael. \u201cOur objective is to ensure that, together with the NCRC, we meaningfully impact the communities in the 10 states where Fifth Third operates. We appreciate and value the collaboration with John Taylor and all the NCRC member organizations who met with us to enable us to expand our original commitment in ways that will best improve lives in our communities.\u201d<\/div>\n
\u201cFifth Third and NCRC\u2019s investment in Ohio will create opportunities for businesses and families to seek the resources they need to make their communities stronger,\u201d said U.S. Senator Sherrod Brown. \u201cI applaud these organizations for working with people across the state, and I\u2019m glad their investment will provide meaningful help to Ohioans.”<\/div>\n
The commitment covers locations in 10 states where Fifth Third has branches (Ohio, Illinois, Indiana, Michigan, North Carolina, Florida, Georgia, Tennessee, Pennsylvania, and Kentucky) and was reached following meetings with NCRC and 145 community-based organizations.<\/div>\n
The Community Development Plan will:<\/div>\n
Fund $11 billion in mortgage lending to LMI individuals and communities.<\/div>\n
Fund $10 billion in small business lending in all markets and communities to businesses with gross annual revenue below $1 million.<\/div>\n
Fund $9 billion in Community Reinvestment Act (CRA) community development loans and investments. This includes support for affordable housing, revolving loan funds, Community Development Corporations, Community Development Financial Institutions, community pre-development resources, housing rehab loan pools, and community land trusts and land banks.<\/div>\n
Fund $93 million in philanthropy.<\/div>\n
Work to ensure adequate access to bank branches in LMI communities and communities of color, including opening at least 10 new branches.<\/div>\n
\u201cAs a member of the Dayton community, I am pleased to see that Fifth Third has made a commitment to ensuring financial services to low- to moderate-income communities and individuals as well as small businesses,\u201d said Catherine Crosby, Executive Director of the City of Dayton Human Relations Council. \u201cSmall businesses are the primary employers in Dayton, which makes it critical to ensure that resources are available not only for financial stability, but also to build capacity through technical assistance. We look forward to continuing our partnership to fulfill mutual goals for economical sustainability in diverse low- to moderate-income communities in Dayton.\u201d<\/div>\n
\u201cNHS of Greater Cleveland welcomes the opportunity to continue our partnership with Fifth Third Bank to implement this broad-reaching plan that will positively affect the residents and the communities we serve in northeast Ohio,\u201d said Lou Tisler, Executive Director of Neighborhood Housing Services of Greater Cleveland.<\/div>\n
\u201cThe Ohio Urban Resources System (O.U.R.S.) is a statewide network comprised of nine Community Action Agencies,\u201d said Yvonne C. Freeman, Project Manager of O.U.R.S. \u201cWe are proud to have taken part in shaping the Fifth Third Community Benefits Plan, as it will bring a renewed focus on financially distressed communities in Ohio\u2019s urban centers. We look forward to working with Fifth Third to implement new strategies to support low- to moderate-income families.\u201d<\/div>\n
\u201cESOP applauds Fifth Third for their ambitious commitment, not only to reinvest in the communities across their footprint, but for also committing to partner with communities at a grassroots level to positively effect change together,\u201d said Michael Billnitzer, Associate Director of ESOP.<\/div>\n
\u201cBreaking Chains Inc., a HUD-Approved Housing Agency, recognizes that accountability plays a major role in community development,\u201d said Jackie Huggins Jones, Executive Director of Breaking Chains Inc. \u201cThe strategy and commitment that have been agreed upon is workable and should address the lack of investment in the low- to moderate-income communities and communities of color.\u201d<\/div>\n
\u201cWe applaud Fifth Third Bank for its responsiveness to NCRC and the many community development organizations it represents,\u201d said Timothy L. Tramble Sr., Executive Director of Burten, Bell, Carr Development, Inc. \u201cThe commitments of $11 billion for mortgage lending, $10 billion in small business lending, and $9 billion for community development lending will undoubtedly be a huge resource for failed neighborhood economies within its footprint.\u201d<\/div>\n
\u201cI am delighted that Fifth Third approached NCRC and its Illinois members to jointly create a strong CRA plan based on community needs and input,\u201d said Dory Rand, President of Woodstock Institute. \u201cI look forward to working with them to implement the plan and reap the benefits of increased and improved lending, investments, branches, and services in underserved low- and moderate-income neighborhoods in Illinois and across the country.\u201d<\/div>\n
\u201cFifth Third has several branches in Northwest Indiana and organizations here are excited to see increased support for our programs that benefit low- and moderate-income borrowers,\u201d said Jean Ishmon, Consulting Executive Director of Northwest Indiana Reinvestment Alliance. \u201cI am encouraged by the upcoming partnership and have met with some of the new staff. Organizations are hopeful that the bank will become more actively involved in our quest to serve the residents of the Gary Metropolitan Statistical Area.\u201d<\/div>\n
\u201cI am glad to see that Fifth Third is willing to work with communities to provide equal access to mortgages and other banking products at a competitive rate,\u201d said Sister Barbara Busch, Executive Director of Working In Neighborhoods. \u201cI am looking forward to seeing changes in Fifth Third\u2019s products and programs to achieve equity for low- and moderate-income and minority communities.\u201d<\/div>\n
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\u201cHousing Opportunities Made Equal of Greater Cincinnati (HOME) is encouraged by the potential towards economic justice this agreement represents, particularly as a way to expand housing choice for working families,\u201d said Jeniece Jones, Executive Director of Housing Opportunities Made Equal of Greater Cincinnati.<\/div>\n
“What will make the NCRC Community Benefits Plan real in the lives of Hamilton County residents, businesses and nonprofits, is when an actual increase in access to capital takes place, when this plan goes into effect,\u201d said Morris Williams, Convener of Hamilton County Community Reinvestment Group, (HCCRG), and NCRC Board Member Emeritus. \u201cOur communities will see and feel an improvement in the lives of many citizens and communities.”<\/div>\n
\u201cThis agreement is vital for the future communities in the Tampa Bay region \u2013 for community development investing, home mortgage lending and capacity building for nonprofit partners of the bank,\u201d said Deborah Scanlan, CEO of Neighborhood Home Solutions.<\/div>\n
\u201cWe look forward to working with Fifth Third to promote and create equal opportunities of inclusion for our residents through housing, employment, education and community development,\u201d said Sarah Combs, CEO of University Area CDC.<\/div>\n
NCRC members and community organizations in the locations in 10 states where Fifth Third has branches that signed on to the five-year Community Development Plan are:<\/div>\n
Ohio<\/div>\n
Central Ohio Fair Housing Association, Inc.<\/div>\n
City of Cleveland-Departmentt of Community Development<\/div>\n
City of South Euclid, Ohio<\/div>\n
Cleveland Realtist Association<\/div>\n
Community Matters<\/div>\n
Dayton Area Chamber of Commerce<\/div>\n
Detroit Shoreway Community Development Organization<\/div>\n
ESOP<\/div>\n
Fair Housing Resource Center, Inc.<\/div>\n
Famicos Foundation<\/div>\n
Greater Dayton Premier Management<\/div>\n
Greater Linden Development Corporation<\/div>\n
HomeOwnership Center of Greater Dayton<\/div>\n
Housing Opportunities Made Equal of Greater Cincinnati<\/div>\n
IMPACT Community Action<\/div>\n
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Nazareth Housing Dev. Corp.<\/div>\n
Ohio SBDC at The Entrepreneurs Center<\/div>\n
Pathway Inc.<\/div>\n
Toledo Fair Housing Center<\/div>\n
Wesley Community Center Dayton<\/div>\n
Housing Research & Advocacy Center<\/div>\n
ABLE<\/div>\n
Another Chance of Ohio<\/div>\n
Baptist Minister’s Conference of Cincinnati and Vicinity<\/div>\n
Birmingham Development Corp.<\/div>\n
Breaking Chains Inc.<\/div>\n
Buckeye Shaker Square CDC<\/div>\n
Burten, Bell, Carr Development, Inc.<\/div>\n
Cincinnati NAACP<\/div>\n
Cincinnati-Hamilton County Community Action Agency<\/div>\n
City of Dayton Human Relations Council<\/div>\n
City of Euclid, Ohio<\/div>\n
CityWide Development Corporation<\/div>\n
Collective Empowerment Group of Cincinnati<\/div>\n
Community Action Agency<\/div>\n
Community Legal Aid Services, Inc.<\/div>\n
Community United for Action<\/div>\n
County Corp<\/div>\n
Cudell Improvement, Inc.<\/div>\n
Friends of the African Union Chamber of Commerce<\/div>\n
GCMI<\/div>\n
Hamilton County Community Reinvestment Group<\/div>\n
Home Repair Resource Center<\/div>\n
Homes on the Hill CDC<\/div>\n
Legal Aid Society of Southwest Ohio, LLC<\/div>\n
Lucas County Land Bank<\/div>\n
Madisonville Community Urban Redevelopment Corporation<\/div>\n
Miami Valley Fair Housing Center, Inc.<\/div>\n
Miami Valley Urban League<\/div>\n
Montgomery County, OH<\/div>\n
Mt. Pleasant NOW Development Corporation<\/div>\n
Mustard Seed Development Center<\/div>\n
Northeast Ohio First Suburbs Consortium<\/div>\n
Ohio CDC Association<\/div>\n
Ohio Fair Lending Coalition<\/div>\n
Ohio Urban Resources System<\/div>\n
One Voice for East Toledo<\/div>\n
Price Hill Will<\/div>\n
Salem UMC<\/div>\n
Slavic Village Development<\/div>\n
Small Business Development Center at Wright State University<\/div>\n
The Home Ownership Center of Greater Cincinnati<\/div>\n
The Omega Community Development Corporation<\/div>\n
UMADAOP<\/div>\n
United North Corporation<\/div>\n
Village Capital Corporation<\/div>\n
Working In Neighborhoods<\/div>\n
Antioch Baptist Church<\/div>\n
Charisma Community Connection<\/div>\n
Greater Cincinnati Microenterprise Initiative<\/div>\n
Neighborhood Housing Services of Greater Cleveland<\/div>\n
LINKS Community and Family Services<\/div>\n
Florida<\/div>\n
Affordable Homeownership Foundation Inc.<\/div>\n
Collective Empowerment Group Tampa Bay Area (CEGTBA)<\/div>\n
Community Reinvestment Alliance of South Florida<\/div>\n
Housing and Education Alliance<\/div>\n
Housing Foundation of America<\/div>\n
Pinellas Opportunity Council, Inc.<\/div>\n
St. Petersburg Neighborhood Housing Services, Inc. d\/b\/a Neighborhood Home Solutions<\/div>\n
Tampa Bay Black Business Investment Corporation<\/div>\n
University Area Community Development Corp, Inc.<\/div>\n
Bright Community Trust, Inc.<\/div>\n
Central Florida Urban League<\/div>\n
Clearwater Neighborhood Housing Services, Inc.<\/div>\n
Community Legal Services of Mid-Florida<\/div>\n
Florida Home Partnership, Inc.<\/div>\n
Neighborhood Housing Services of South Florida<\/div>\n
Neighborhood Lending Partners of Florida, Inc.<\/div>\n
Pinellas County Urban League<\/div>\n
REVA Development Corporation<\/div>\n
The Lion Foundation<\/div>\n
Georgia<\/div>\n
Georgia Advancing Communities Together, Inc.<\/div>\n
Georgia Micro Enterprise Network<\/div>\n
National Housing Counseling Agency<\/div>\n
Peoplestown Revitalization Corporation<\/div>\n
Southwest Georgia United<\/div>\n
Illinois<\/div>\n
Chicago Community Loan Fund<\/div>\n
Chicago Rehab Network<\/div>\n
Community Service Council of Northern Will County<\/div>\n
Housing Action Illinois<\/div>\n
Institute of Cultural Affairs – USA<\/div>\n
NWSHC<\/div>\n
OPRHC\/West Cook Homeownership Center<\/div>\n
Partners In Community Building, Inc. (PICB)<\/div>\n
Rock Island Economic Growth<\/div>\n
The Resurrection Project<\/div>\n
Universal Housing Solutions CDC<\/div>\n
Vision of Restoration, Inc.<\/div>\n
Woodstock Institute<\/div>\n
Genesis Housing Development Corporation<\/div>\n
The Chicago Urban League<\/div>\n
Indiana<\/div>\n
Aurora<\/div>\n
CAPE<\/div>\n
ECHO Housing Corporation<\/div>\n
HomesteadCS<\/div>\n
Indiana Association for Community Economic Development<\/div>\n
HOPE of Evansville<\/div>\n
Memorial Community Development Corp.<\/div>\n
Northwest Indiana Reinvestment Alliance<\/div>\n
Kentucky<\/div>\n
Louisville Affordable Housing Trust Fund<\/div>\n
REBOUND, Inc.<\/div>\n
River City Housing<\/div>\n
The Housing Partnership, Inc.<\/div>\n
Comprehensive Valuation Services LLC<\/div>\n
Habitat for Humanity of Metro Louisville<\/div>\n
Metropolitan Housing Coalition<\/div>\n
Michigan<\/div>\n
Financial Justice Coalition of SE Michigan<\/div>\n
Michigan Community Reinvestment Coalition<\/div>\n
Neighborhood Service Organization (NSO)<\/div>\n
Bridging Communities, Inc.<\/div>\n
Southwest Economic Solutions<\/div>\n
U SNAP BAC Non Profit Housing Corporation<\/div>\n
North Carolina<\/div>\n
Can I Live, CDC<\/div>\n
Henderson and Company<\/div>\n
NC Community Development Initiative\/Initiative Capital<\/div>\n
North Carolina Housing Coalition<\/div>\n
Prosperity Unlimited, Inc.<\/div>\n
F7<\/div>\n
Action NC<\/div>\n
Community Link<\/div>\n
Reinvestment Partners<\/div>\n
New Frontier CDC<\/div>\n
Pennsylvania<\/div>\n
Pittsburgh Community Reinvestment Group<\/div>\n
Tennessee<\/div>\n
New Level Community Development Corp<\/div>\n
Good Neighbor Foundation<\/div>\n

Fifth Third\u2019s Community Development Plan includes mortgage and small business lending, including micro-lending, community development lending and investing, philanthropy, and financial services for low- and moderate-income communities. A summary of the plan can be found here.<\/a><\/p>\n

\u201cThis substantive and detailed community development plan was the result of a collaborative process with community members and bank leaders,\u201d said NCRC President & CEO John Taylor. \u201cWe applaud President & CEO Greg Carmichael and the senior leadership of Fifth Third, who after putting out a significant community commitment earlier in the year, were willing and eager to deeply engage NCRC and its member organizations in significant discussions to ensure the commitments made were in areas of the greatest community need and put in place rigorous accountability for their bank and the communities they serve.\u201d<\/p>\n

\u201cFifth Third is deeply committed to both investing significant resources into the community as well as engaging community members and leaders,\u201d said Fifth Third Bancorp President and CEO Greg D. Carmichael. \u201cOur objective is to ensure that, together with the NCRC, we meaningfully impact the communities in the 10 states where Fifth Third operates. We appreciate and value the collaboration with John Taylor and all the NCRC member organizations who met with us to enable us to expand our original commitment in ways that will best improve lives in our communities.\u201d<\/p>\n

\u201cFifth Third and NCRC\u2019s investment in Ohio will create opportunities for businesses and families to seek the resources they need to make their communities stronger,\u201d said U.S. Senator Sherrod Brown. \u201cI applaud these organizations for working with people across the state, and I\u2019m glad their investment will provide meaningful help to Ohioans.”<\/p>\n

The commitment covers locations in 10 states where Fifth Third has branches (Ohio, Illinois, Indiana, Michigan, North Carolina, Florida, Georgia, Tennessee, Pennsylvania, and Kentucky) and was reached following meetings with NCRC and 145 community-based organizations.<\/p>\n

The Community Development Plan will:<\/p>\n