Building on its decades-long legacy, U.S. Bancorp Impact Finance continues to invest in affordable housing across the country. Two projects coming online this year demonstrate how affordable housing financing can be flexible to meet the needs of a wide range of populations and geographies.

Sioux Falls
More than 140 affordable family housing units – many with three or four bedrooms – are expected to open later this year in the fast-growing region of Sioux Falls, South Dakota.

The project is being developed by DevCo, Inc. with the support of an $18.6 million Low-Income Housing Tax Credit (LIHTC) equity commitment from Impact Finance, the community development financing subsidiary of U.S. Bank.

“We’re proud to support DevCo as it delivers new housing designed with families in mind,” said Vihar Sheth, managing director of affordable housing for Impact Finance. “This new community will help expand the supply of affordable housing in a growing region with limited housing options for low-income families.”

The LIHTC program is the nation’s primary financing tool for the development and preservation of affordable rental housing, offering incentives to attract private capital and support housing affordability. Investors like Impact Finance make equity investments in housing developments in exchange for federal tax credits, helping make projects financially viable while delivering long‑term community benefit.

“Affordable housing is foundational to household financial stability and strong local economies,” Sheth said. “LIHTC helps make that stability possible by directing private investment to communities where affordability challenges are most acute.”

Los Angeles
In the heart of Los Angeles, nonprofit developer Little Tokyo Service Center is developing two seven‑story buildings that will deliver a combined 248 units of affordable housing in 2026 in a high-need market. The project includes units reserved for veterans, those with special needs and people living with HIV/AIDS. Impact Finance is investing nearly $65 million in federal LIHTC equity.

“Housing needs vary by market and by the populations served,” Sheth said. “What remains consistent is the need for experienced partners who can structure and deploy LIHTC capital effectively.”

U.S. Bancorp Impact Finance has been investing in LIHTC since 1988, soon after the program was introduced. Since then, it has invested $21.8 billion in LIHTC equity across 44 states, helping to deliver 133,000 affordable housing units. In 2025 alone, it invested $2.2 billion in LIHTC equity, helping deliver more than 10,000 affordable housing units. Impact Finance also provides debt financing for affordable housing.

“The shortage of affordable housing remains one of the most persistent challenges facing communities nationwide,” Sheth said. “Tax credit programs continue to be critical, and we remain focused on bringing capital, expertise and long‑term commitment to help deliver impact across the country.”