Fifth Third Collaborates with Enterprise Community Partners to Transform Avondale in Cincinnati with $ 20 Million Investment

Posted 21 hours ago

Proposed by Fifth Third Bancorp

CINCINNATI, Oct. 20, 2021 / CSRwire / – Fifth Third and Enterprise Community Partners today announced a neighborhood program to support and revitalize the Avondale community. The neighborhood investment program will focus over three years with the Avondale Development Corporation and cross-sector collaborations.

“This opportunity allows Fifth Third to invest in a way unique to Avondale by taking a carefully structured approach to solving systemic issues,” said Tim Elsbrock, Fifth Third president for the Cincinnati region. “It’s more than injecting up to $ 20 million in capital into the neighborhood. We are working to make a meaningful impact that goes beyond dollars by collaborating with Avondale Development Corporation to improve community livelihoods that will have lasting impact for generations to come.

Fifth Third is collaborating on the initiative with Enterprise Community Partners, a national non-profit organization that exists to make a good home possible for the millions of families who don’t have one. Together, they managed a criteria-based, invitation-only application process to select nine predominantly black neighborhoods that have experienced an extended period of divestment. Avondale was one of the selected locations. Enterprise will provide technical assistance to support each neighborhood in developing and implementing a plan tailored to the unique challenges it faces. Enterprise will then help assess the plan’s effectiveness in improving the economic well-being of local residents and small businesses. Positive outcomes will include investing in small businesses, home ownership, and workforce development to create positive outcomes such as increased employment, economic stability, and growth.

“The Fifth Third Neighborhood investment program shows what is possible when we make intentional investments focused on black lives and legacies,” said Priscilla Almodovar, President and CEO of Enterprise Community Partners. A group of neighborhood partners committed to an initiative that aligns powerfully with our goals as an organization: to increase the supply of housing, advance racial equity, and strengthen resilience and upward mobility. ”

“We are committed to providing strategic information that will help establish an upward trajectory for communities that have historically had limited investment opportunities,” said Royce Sutton, Community and Economic Development Manager for Fifth Third. “It’s more than giving dollars and Bank programs to communities in need. Through the Neighborhood Investment Program, we will put in place comprehensive assistance to build relationships within these communities. This will develop a basis of fairness to help eliminate racial disparities and level the playing field. ”

Fifth Third intends to commit up to $ 20 million in loans, investments and philanthropic support, including grants from the Fifth Third Foundation to Avondale. A combination of capital, products and services will be invested in small businesses, mortgages, philanthropic efforts, and neighborhood revitalization loans and investments.

Avondale was invited to apply to the program based on her ability to meet specific criteria, including collaboration with black residents in the neighborhood, existing civic infrastructure in the neighborhood, and her ability to manage equitable investments and creative opportunities. of wealth. Program funds will cultivate investments and resources from other stakeholders to support the economic mobility of low- and moderate-income residents in target neighborhoods.

Russell Hairston, executive director of Avondale Development Corporation, said his organization will use the funds to implement two major neighborhood planning efforts – a quality of life plan and a housing strategy. The plan includes support for the next generation of homeowners, improvements to the housing stock, small business development and infrastructure initiatives like the Innovation Corridor and its Greenway project.

“The Avondale Development Corporation, on behalf of the Avondale neighborhood, seeks equitable growth that will ensure intergenerational economic mobility. This will involve equitable housing, development and support for small businesses, education, income security and wealth accumulation. Together … we will make Avondale grow, ”said Hairston.

The neighborhood investment program is part of Fifth Third’s $ 2.8 billion pledge that will provide $ 2.2 billion in loans, $ 500 million in investment, $ 60 million in accessibility funding and $ 40 million in philanthropy from the Fifth Third Foundation as part of the Fifth Third Racial Equality Acceleration, Equity and Inclusion Initiative. The engagement is focused on four strategic pillars that have a direct impact on clients and communities with targeted results enabling the Bank to track progress and measure success in the areas of strategic investments, access to capital , financial inclusion and education, as well as social justice and advocacy. This program also aligns with Enterprise’s new strategic plan and its three main goals: increasing housing supply, advancing racial equity, and building resilience and upward mobility.

Additional beneficiary neighborhoods and lead organizations that will lead community efforts under the neighborhood program are:

To learn more about the Neighborhood Investment Program, please visit 53NeighbourhoodInvest.org.

About corporate community partners

Enterprise is a national non-profit organization that exists to make a good home possible for the millions of families who don’t have one. We support community development organizations on the ground, aggregate and invest capital to make an impact, advance housing policy at all levels of government, and build and manage communities ourselves. Since 1982, we’ve invested $ 44 billion and created 781,000 homes in all 50 states, all to make homes and communities places of pride, power and belonging. Join us on EnterpriseCommunity.org.

About the fifth third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2021, the company had $ 205 billion in assets and operated 1,096 full-service banking centers and 2,369 Fifth Third-branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, the North. Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is one of the largest fund managers in the Midwest and, as of June 30, 2021, had $ 483 billion in assets under watch, including $ 61 billion for individuals, corporations and nonprofits. through its Trust and Registered Investment Advisory Firms. Investor information and press releases can be found at www.53.com. The common shares of Fifth Third trade on the NASDAQ® Global Select Market under the symbol “FITB”.

About the Fifth Third Foundation
Established in 1948, the Fifth Third Foundation was one of the first charitable foundations created by a financial institution. The Fifth Third Foundation supports worthy causes in health and social services, education, community development and the arts in states where Fifth Third Bank operates.

CONTACTS

Ed Loyd
Senior Director of Public Relations
[email protected] | 513-346-8505

Patrick cartier
Head of Community Engagement and Communications, Avondale Development Corporation
[email protected] | 513-301-6010

Jordan miler
Media relations, corporate community partners
[email protected] | 212-784-5703

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