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.