Huntington Bank announced that it is investing $150 million to ensure affordable housing for Ohio’s most vulnerable residents.
This latest commitment brings Huntington's cumulative investment in partnership with Ohio Capital Corporation for Housing (OCCH) to $513 million over the past seven years, creating a positive impact for more than 15,000 low- to moderate-income residents in the state.
"When we learned that affordable housing development was stalling because of potential changes to the federal tax code, we immediately responded. We believe it is vital to continuously support adequate housing for those who require it most," said Steve Steinour, Huntington's chairman, president, and CEO.
Bank and housing leaders announced the new commitment at Church Square Commons, a senior housing community developed by PIRHL and Famicos Foundation in Cleveland.
He added that he hopes the new commitment will help accelerate the rate of investment by others in partnership with OCCH.
This marks Huntington's third major affordable housing investment commitment to Ohio, with previous announcements of $100 million in 2010-2012 and $150 million in 2013-2015 (plus an additional investment of $113 million in 2016). All have been aimed at maintaining statewide development momentum to meet critical housing needs and supportive services for low-income families and individuals, seniors, and veterans.
Huntington will again invest equity in affordable housing properties throughout the state in exchange for federal housing tax credits issued by the Ohio Housing Finance Agency. The 2017-2018 commitment is expected to help nearly 5,600 Ohio residents statewide, generate approximately 3,700 new or rehabilitated affordable housing units, and is anticipated to support 2,800 construction jobs.
"The best way to make a difference and help those in need is through partnership. Huntington has stepped forward throughout the past decade to champion affordable housing development in Ohio," said Hal Keller, OCCH president. "Huntington is the largest tax credit investor in the state and has consistently invested significant capital providing very substantial support to help ensure affordable, secure housing for thousands of Ohio families."
