Fifth Third Bank's Leader Tackles National Housing Challenges
Fifth Third Bank's Role in Addressing Housing Crisis
In a significant development for the national housing crisis, Fifth Third Community Development Corporation President Susan E. Thomas has been named co-chair of a new bipartisan task force dedicated to addressing one of the most pressing issues in America today. The task force aims to explore and elevate innovative housing solutions across the country, working towards producing and preserving affordable housing for people of all income levels.
Leadership in Community Development
Susan E. Thomas stands out as a key leader in community development banking. As one of the four bipartisan co-chairs of the National Housing Crisis Task Force, she represents the private sector's voice. The task force also includes notable figures such as the governor of Utah and the mayors of Atlanta and Cleveland, all committed to uniting their efforts to enhance housing availability.
Innovative Solutions for Housing
In addressing the complexity of the housing crisis, Thomas expressed confidence that the solutions exist but are currently being implemented in a fragmented manner across various communities. The task force is set to identify successful models of financing, land use, and policy streamlining that can serve as guiding templates, helping communities replicate successful strategies to meet their unique housing needs.
Empowering Communities through Housing Initiatives
Thomas's extensive experience with Fifth Third’s Empowering Black Futures Neighborhood Program illustrates the potential of innovative, community-driven strategies. This program focuses on creating positive social and economic change in historically underserved neighborhoods within the bank's operational region. By leveraging local partnerships, Fifth Third aims to identify and implement impactful solutions to critical community challenges.
A Commitment to Affordable Housing
At the core of Fifth Third’s community development initiatives is a strong emphasis on affordable housing. The bank's Neighborhood Program is pioneering approaches that prioritize collaboration with local organizations to foster ecosystems capable of driving sustainable change. This collaborative effort is geared toward addressing community-specific issues while enhancing overall housing security.
Banking on Community Engagement
Fifth Third's chief corporate responsibility officer, Kala Gibson, articulated a commitment to viewing safe, affordable housing as a fundamental human right. The bank's dedicated focus on resolving housing challenges reflects its recognition of the vital connection between housing security and various aspects of community well-being, including economic mobility and health outcomes.
Creating Housing Opportunities
The Community Development Banking Group at Fifth Third is actively engaged in expanding housing inventory and addressing affordability barriers. This effort includes significant investments in low-income tax credits, new markets tax credits, and community lending initiatives aimed at enhancing supportive services for residential projects.
Remarkable Impact in 2023
In 2023 alone, Fifth Third facilitated an impressive $722 million in loans and investments, which enabled the advancement of 3,684 housing units. The significance of this achievement underscores the bank's ongoing commitment to tackling housing issues head-on.
Task Force Goals and Strategic Initiatives
The National Housing Crisis Task Force represents an ambitious effort to synthesize and bring the most effective housing production, preservation, and financing innovations to diverse communities throughout the nation. With backing from organizations like the Nowak Metro Finance Lab and Accelerator for America, the task force consists of leaders from various sectors united in their goal to share successful practices on local, national, and even international stages.
About Fifth Third Bank
Fifth Third Bank has a notable history of innovation stretching back to its founding in 1858. With a focus on empowering individuals, families, and communities through smart financial services, Fifth Third continues to expand its impact by integrating technology-driven solutions and community commitment. As one of the few U.S. banks recognized on Ethisphere’s list of the World’s Most Ethical Companies, it prioritizes values that resonate within its customer base.
Frequently Asked Questions
What is the National Housing Crisis Task Force?
The National Housing Crisis Task Force is a bipartisan initiative focused on addressing the national housing crisis by identifying innovative solutions and best practices.
Who is leading the task force?
Susan E. Thomas, President of Fifth Third Community Development Corporation, is serving as one of the co-chairs of the task force, representing the private sector.
Why is affordable housing important?
Affordable housing is crucial for improving economic mobility, financial stability, and overall health outcomes within communities.
How much did Fifth Third invest in housing in 2023?
In 2023, Fifth Third invested $722 million to support the creation of 3,684 housing units.
What are the goals of Fifth Third's Neighborhood Program?
The Neighborhood Program aims to create sustainable partnerships with local organizations, focusing on community-driven solutions for housing and other key challenges.
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