Southern California Association of Nonprofit Housing honors US Bank
U.S. Bank received the Financial Supporter of the Year award at the Southern California Association of NonProfit Housing (SCANPH) conference in Los Angeles in October. The event is the one of the largest affordable housing conferences in the country.
US Bank was honored for its support of organizations that encourage the purchase, preservation, rehabilitation, and construction of affordable housing through direct lending, tax credit investments, partnership with investment lending programs, grants or volunteer support of affordable housing nonprofits in Southern California, and particularly for its work in Los Angeles. US Bancorp Community Development Corporation (USBCDC) invests in efforts, including the creation of quality affordable housing, as a means to improve and revitalize communities. Since 2001, the USBCDC has invested more than $275 million in affordable housing in Southern California. Additionally, U.S. Bank Community Lending has committed an additional $1 billion in financing of multi-family housing.
As a participant in the Federal Home Loan Bank Community Investment Lending Program, U.S. Bank provides affordable housing program grants for qualified projects, contributing to the creation of nearly 3,000 affordable housing units in Southern California alone. US Bank serves as one of the primary trustees for the City of Los Angeles, monitoring more than $500 million of the city’s affordable housing, community and economic development bond facilities. US Bank has extended more than $145 million in low-interest community development loans in Los Angeles County since the beginning of 2011.