Huntington Bank donates $150M to Ohio to develop affordable housing
Jesse Folk, WCPO Digital
11:42 AM, Mar 15, 2013
5:35 PM, Mar 15, 2013
CINCINNATI - Huntington Bank is making a big donation to the state of Ohio.
On Friday, the bank announced it was donating $150 million to help develop and support affordable housing.
Mayor Mark Mallory and other city leaders joined Huntington Bank chief executive office Steve Steinour during the announcement at the Wesley Chapel Mission Center.
"Over the past three years, families, individuals, seniors and veterans have benefited from Huntington's affordable housing investment," Steinour said. "With the state still experiencing a shortage of safe, affordable housing, we are once again investing in housing. Along with our partner OCCH, we want to help those displaced by the housing crisis and aid our communities as they continue their economic recovery."
Officials said the donation will support the creation or refurbishment of 2,000 housing units across the state.
The company said the donation breaks Huntington's own record for the single-largest Ohio affordable housing investment in state history.
The donation is projected to impact more than 7,000 low- to moderate-income residents.
The project is also expected to support 1,000 construction jobs.
"Every Cincinnatian deserves to live in a high quality, safe home that they can afford. And every time that you build new quality housing in any Cincinnati neighborhood, you are improving the quality of life for the whole neighborhood," Mayor Mallor said. "Huntington's announcement today will have a huge impact on countless Cincinnati families and families across Ohio."
The bank said it is dedicating a quarter-billion dollars to affordable housing investment in the state from 2010 to 2015.
Officials also said an after-school youth program at the mission was made possible by a previous donation from Huntington.
In a release, Huntington said the center and the housing units about it are part of a 14-building redevelopment project in Over-the-Rhine that was recently completed by the Model Group.
Company officials said that in joining with the Ohio Capital Corporation for Housing, Huntington will be able to provide funding for affordable housing properties throughout the state through tax credits issued by the Ohio Housing Finance Agency.
A new element of the partnership will focus on a joint Huntington-OCCH investment of more than $1 million to create physical recreational services at affordable housing projects to encourage better health and wellness.