And US Bank's community lending division recently reported that it originated nearly $1.1 billion in new loans last year, up from $950 million the previous year. This division of the Minneapolis-based bank provides financing to developers for the construction, rehabilitation and acquisition of rental housing for low- and moderate income individuals and families.

According to a January 2014 report from the Urban Land Institute and Enterprise Community Partners, the number of extremely low-income renters jumped to 12.1 million in 2011 from 9.6 million in 2007. However, despite the increased need, the development of affordable rental housing did not keep pace. In 2011, according to the report, only 6.8 million affordable housing units were available to extremely low income renters, a shortfall of 5.3 million units.

"Hitting $1 billion in new loans in a single year is not only a milestone for us, but a sign of the continued need for affordable housing in the United States," says Kyle Hansen, executive vice president of the bank's community lending. "We want to do our part to help close this gap."

Key projects financed by US Bank in 2013 include:

• Pillsbury A-Mill in Minneapolis – Development of a historic four mill into 251 units of affordable rental housing tailored toward local artists. Built in 1881 and closed in 2003, Pillsbury A is a historic landmark and was named one of the nation's 11 most endangered buildings by the National Trust for Historic Preservation.

• North and Pulaski in Chicago – A 72-unit senior housing apartment building to be constructed on a long-vacant parcel of land in the Humboldt Park neighborhood of Chicago.

• Mercer Commons in Cincinnati – Construction and renovation of 19 buildings and 26 vacant parcels of land on 2.6 acres of downtown real estate in the historic Over-the-Rhine neighborhood of Cincinnati. The project will bring 126 apartments, including 30 affordable, 28 condominiums, 17,600-square-feet of commercial space, a 340-space parking garage, and usable green space.