"U.S. Bank has been a part of Cincinnati history for 150 years and this effort to promote and encourage single-family homeownership and multi-family developments in the city for area residents is import to our organization," says Jim Schwab, president of U.S. Bank in Cincinnati. "We have long been committed to helping make this community a better place to live and this is truly an extension of this effort."
Most allocations will be construction loans with two-year terms, thereby enabling investment of up to $250 million in new construction and rehabilitation projects over the 10-year life of the fund.
The Cincinnati Development Fund Inc., a non-profit entity created to financing housing developments in the Cincinnati area, will manage the fund. Banks involved in the project will each have a representative on the loan committee that will approve development deals.
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