Fifth Third Corporation Secures $50M for Community Development
Fifth Third Corporation Secures New Funding for Community Investment
Fifth Third New Markets Development Company has recently garnered a significant boost of $50 million in New Markets Tax Credits from the U.S. Department of the Treasury’s initiative aimed at enhancing community development. This funding is part of a broader commitment to revitalizing economically distressed neighborhoods across the nation.
A Commitment to Community Revitalization
As a dedicated affiliate of the Fifth Third Community Development Company, LLC, this allocation places the Fifth Third New Markets Development Company among 104 community development entities recognized nationally for their impact. This substantial funding has the potential to catalyze various projects, driving positive transformation within under-resourced communities.
Empowering Low-Income Areas
Kala Gibson, the chief corporate responsibility officer for Fifth Third, emphasized the company’s mission: “Our primary focus is to support communities that have historically faced disinvestment and inequalities in wealth.” This allocation will support initiatives that deliver vital resources to low-income communities, addressing economic mobility barriers.
Fostering Economic Growth
The New Markets Tax Credit Program is instrumental in attracting private capital to underserved areas. By providing tax credits to investors, it creates opportunities for larger financial commitments to projects that spur job creation and funding in sectors like manufacturing, retail, and technology, while enhancing access to essential services such as housing and education.
Transformational Investments in Neighborhoods
The Fifth Third CDC works tirelessly across its 11-state footprint, investing in varied real estate developments. These investments often encompass affordable housing and small business development, creating spaces that provide educational opportunities and recreational areas.
“This funding demonstrates that our innovative neighborhood-focused approach is gaining national recognition,” said Susan E. Thomas, the president of the Fifth Third CDC. “It's an essential tool for driving capital into the communities we serve, further empowering them.”
Creating Lasting Impact
Fifth Third’s commitment to leveraging New Markets Tax Credits is a game-changer for the neighborhoods in which they operate. These credits significantly enhance their ability to shape impactful projects that align with community needs and desires.
The Role of Community Development Entities
As an experienced participant in the New Markets Tax Credit program, Fifth Third collaborates with local Community Development Entities to channel funding into deserving projects. These initiatives have included notable investments such as the CityLink Center in Cincinnati and mHUB in Chicago, showcasing Fifth Third's dedication to community-focused development.
An Ambitious Neighborhood Program
Fifth Third’s Neighborhood Program is at the forefront of its community development strategies. Established to innovate solutions for historically disinvested neighborhoods, it fosters partnerships that utilize both financial resources and social investments to drive transformative results.
Achievements and Future Plans
Recently, Fifth Third announced a remarkable milestone, exceeding its initial $180 million commitment to this Neighborhood Program by reaching $187 million in just two years. The organization plans to extend its support through technical assistance until 2025 to ensure sustained community impact.
About Fifth Third
Fifth Third Bank stands out as a leader in financial innovation while grounded in a rich history that spans over 160 years. The bank prides itself on improving the lives of individuals, families, businesses, and communities through effective financial services. With a reputation for ethical practices, Fifth Third aspires to be the most trusted bank adored by its customers. Publicly traded on the NASDAQ Global Select Market under the ticker symbol "FITB", Fifth Third continues to focus on community impact and regional excellence.
About the New Markets Tax Credit Program
The New Markets Tax Credit Program, created by Congress in 2000, provides significant tax credits to investors supporting projects in designated low-income areas. This program has been vital in channeling substantial investments into communities that need it most, fostering growth, and facilitating economic sustainability.
Frequently Asked Questions
What is New Markets Tax Credit Program?
The New Markets Tax Credit Program offers tax incentives to encourage private investments in low-income communities, stimulating growth and economic revitalization.
How much funding did Fifth Third receive?
Fifth Third secured a $50 million allocation in New Markets Tax Credits from the U.S. Department of the Treasury for community development initiatives.
What is the main goal of Fifth Third's community programs?
The goal is to provide support and resources to low-income communities, fostering economic mobility and addressing long-standing inequalities.
How does this funding benefit low-income neighborhoods?
This funding enables crucial investments in local projects, creating jobs, improving access to services, and ultimately enhancing the quality of life in affected communities.
Where can I learn more about Fifth Third’s initiatives?
Information about Fifth Third's community development efforts and the Neighborhood Program is available on their official website and through various community outreach programs.
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