Chicago, IL – November 18, 2016, Partners In Community building, Inc. (PICB) commended the $30 billion Community Development Plan announced by Fifth Third Bank. The Plan was developed in an agreement between Fifth Third and members and allies of the National Community Reinvestment Coalition (NCRC), including Partners In Community Building, Inc.. Illinois 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, includes mortgage and small business lending, including micro-lending, community development lending and investing, philanthropy, and financial services for low- and moderate-income communities.
“Building Communities, Enriching, & Empowering the Lives of Other’s”
“I am delighted that Fifth Third approached NCRC and its Illinois members to jointly create a strong CRA plan based on community needs and input,” said Dory Rand, president, Woodstock Institute. “I look forward to working with them to implement the plan and reap the benefits of increased and improved lending, investments, branches and services in underserved low- and moderate-income neighborhoods in Illinois and across the country.”
“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.