Press Release: Fifth Third’s $30 Billion Community Development Plan

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November 16, 2016
Recap: Let’s Talk Housing
November 30, 2016

Press Release: Fifth Third’s $30 Billion Community Development Plan

Community Organizations Celebrate Fifth Third Bank’s  

$30 Billion Community Development Plan

Atlanta, Ga. – Georgia Advancing Communities Together, Inc. commends the $30 billion Community Development Plan announced by Fifth Third Bank today. The Plan was developed in an agreement between Fifth Third and members and allies of the National Community Reinvestment Coalition (NCRC), which includes Georgia ACT. Georgia 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, incorporates mortgage and small business lending, including micro-lending, community development lending and investing, philanthropy, and financial services for low- and moderate-income communities.

 

Georgia ACT President Kate Little praised the Community Development Plan, saying, “Georgia ACT was pleased to be able to raise Georgia’s community development financing needs in discussions with Fifth Third under the NCRC umbrella. Georgia is sure to benefit from the increased Community Reinvestment Act (CRA) commitment announced by Fifth Third.”

 

“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.

 

These Georgia organizations signed on to the Plan:

 

Georgia Advancing Communities Together, Inc.

Georgia Micro Enterprise Network

National Housing Counseling Agency

Peoplestown Revitalization Corporation

Southwest Georgia United

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About NCRC

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.

 

About Georgia ACT

Georgia ACT, a statewide association of nonprofit organizations engaged in housing and community development, works collectively to influence public policy, increase resources, and disseminate practices that increase the ability of nonprofit organizations to develop housing and deliver services to the state’s underserved families.