Another Chance of Ohio Celebrates Fifth Third Bank’s $30 Billion Community Development Plan
Today, Another Chance of Ohio 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 Another Chance of Ohio. All of Ohio 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 micro-lending, community development lending and investing, philanthropy, and financial services for low- and moderate-income communities.
“NHS of Greater Cleveland welcomes the opportunity to continue our partnership with Fifth Third Bank to implement this broad-reaching plan that will positively affect the residents and the communities we serve in northeast Ohio,” said Lou Tisler, executive director, Neighborhood Housing Services of Greater Cleveland.
“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 LMI 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 LMI communities and communities of color, including opening at least 10 new branches.
NCRC and its grassroots member organizations create opportunities for people to build wealth. We work with community leaders, policymakers and financial institutions to champion fairness in banking, housing and business development.