We believe that every individual and family deserves access to safe, accessible and affordable homes.
In 2019, we made $1.1 billion in community development loans, $3 billion in U.S. Bancorp Community Development Corporation (USBCDC) investments and $7 million in charitable donations to organizations connecting individuals and families with sustainable, affordable housing opportunities.
We are proud of our American Dream program, which serves low- to moderate-income (LMI) borrowers, featuring a low-down payment and rehabilitation loan options. In 2019, we doubled our American Dream loans in both applications and volume by providing $213 million in American Dream mortgage loans and helping revitalize communities across the country.
We also have a long-standing partnership with Habitat for Humanity and its affiliates. Since 2008, USBCDC has provided Habitat for Humanity’s U.S affiliates over $117 million in New Markets Tax Credit equity which, alongside others’ investments, has helped Habitat build and renovate over $400 million worth of homes.
Last year, we combined these investments with $1 million in charitable donations. Additionally, employees volunteered over 10,000 hours with Habitat for Humanity across the country, including a significant partnership with the Carter Work Project led by Jimmy and Rosalynn Carter in Nashville, Tennessee.
$7milliongiven in charitable donations.
A home to call their own
Veterans receive mortgage-free homes on Veterans Day.
On Veterans Day 2019, we invested in the future of veterans who accepted the keys to mortgage-free homes through a partnership with Freedom Alliance.
Bryan Schrader, Ed Hawk, Mark Bricker, Todd O’Neal, Andrea Bruns and their families are the latest recipients of the Housing Opportunities after Military Engagement (H.O.M.E.) program, in which we partner with nonprofits to donate homes to veterans in need. Each veteran says the home represents an important step in their physical or mental healing process and a new chapter in their life.
As one of the largest banks in the country, we have both the means and the responsibility to give back in this way. Our veterans have given everything they have for our country. When we donate these homes, we recognize the sacrifice their families have been through to support them in their service to our country.
These affordable, supportive housing projects are designed to truly meet the specific, diverse needs of the most vulnerable members of our community. The notion that housing is health is at the very heart of this important work.
A recent example of the CCC’s work to serve Portland residents in need is the Blackburn Center(opens new window), which combines a health care clinic with housing and is located at a Portland MAX (light rail) stop. Transit-oriented developments provide low-income families with the transportation they need to access health care, jobs and educational opportunities. The site includes comprehensive support, integrated housing and clinical services with a focus on recovery, and mental health services and primary care. The clinic is expected to serve approximately 3,000 patients annually.
“Through USBCDC, we’re providing capital investment to areas that need it most – contributing to job creation, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, and generation of commercial economic activity in underserved communities,” said Dodson. “That’s an amazing way to meet the needs of the diverse communities we serve.”
The Blackburn Center includes:
- Comprehensive support
- Integrated housing
- Clinical services
Projects like these are a tangible way U.S. Bank can help remove disparities, give everyone the chance to achieve financial stability and have a lasting impact in our communities. Combining housing with onsite health care is a growing trend that helps our most vulnerable populations.