Dayton HRC

Community Organizations Celebrate Fifth Third Bank’s $30 Billion Community Development Plan

Release Date: Friday, November 18, 2016

Today, the Dayton Community Reinvestment Coalition, consisting of numerous

organizations focused on fair and affordable housing, small business

development, social services and workforce development, commended the $30

billion Community Development Plan announced by Fifth Third Bank.

The plan was developed in an agreement between Fifth Third and members and

allies of the National Community Reinvestment Coalition (NCRC), including the

Dayton Community Reinvestment Coalition. Dayton is expected to benefit

substantially from the loans and investments included in this agreement.

Fifth Third’s Community Development Plan, starting in 2016 and taking place

over five years, includes mortgage and small business lending, including microlending,

community development lending and investing, philanthropy, and

financial services for low- and moderate-income communities.

“Fifth Third’s commitment to investment in low- and moderate-income

neighborhoods in Dayton will help our community by leveraging other

investments already taking place. Community Development organizations like

County Corp are looking forward to working directly with 5/3 to implement these

investments,” said Adam Black, Vice President of Housing, County Corp.

“Sustainable neighborhood revitalization is only possible with the support of both

the public and private sectors. Fifth Third’s public benefit agreement

demonstrates a commitment to provide valuable private resources to Dayton-area

communities most in need. Greater Dayton Premier Management is grateful for

the opportunity to contribute to the process and work hand in hand with partner

agencies seeking to improve communities,” added Kiya Patrick-Director,

Planning and Development, Greater Dayton Premier Management

“As a member of the Dayton community, I am pleased to see that Fifth Third has

made a commitment to ensuring financial services to low- and moderate-income

communities and individuals as well as small businesses,” said Catherine

Crosby, executive director, City of Dayton Human Relations Council. “Small

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 lowand

moderate-income communities in Dayton.”

“This substantive and detailed community development plan was the result of a

collaborative process with community members and bank leaders,” said NCRC

President & CEO John Taylor. “We 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.”

The Community Development Plan was developed through meetings with

NCRC and 135 other community-based organizations across Fifth Third’s

footprint.

The Community Development Plan will:

* Fund $11 billion in mortgage lending to low- and moderate-income individuals

and communities;

* Fund $10 billion in small business lending in all markets and communities to

businesses with gross annual revenue below $1 million;

* 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;

* Fund $93 million in philanthropy;

* Work to ensure adequate access to bank branches in low- and moderateincome

communities and communities of color, including opening at least 10

new branches.

The Dayton organizations signed on to the plan include:

ABLE

City of Dayton Human Relations Council

CityWide Development Corporation

County Corp

Dayton Area Chamber of Commerce

Greater Dayton Premier Management

HomeOwnership Center of Greater Dayton

Miami Valley Fair Housing Center, Inc.

Miami Valley Urban League

Montgomery County

Ohio SBDC at The Entrepreneurs Center

Small Business Development Center at Wright State University

The Omega Community Development Corporation

Wesley Community Center.

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About DCRC

DCRC includes organizations representing affordable housing, small business

development, social services and workforce development professionals. DCRC

is made up of members of NCRC, an organization representing grassroots

member organizations dedicated to creating opportunities for people to build

wealth. NCRC works with community leaders, policymakers and financial

institutions to champion fairness in banking, housing and business development.

 

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