Fifth Third Announces Neighborhood Investment Program to Transform Arlington Woods to Indianapolis
Posted 6 hours ago
Proposed by Fifth Third Bancorp
INDIANAPOLIS, Nov. 4, 2021 / CSRwire / – Fifth Third and Enterprise Community Partners today announced a neighborhood program to continue supporting the revitalization of the Arlington Woods community. The neighborhood investment program will focus over three years on the JEWEL Human Services Corporation and cross-sector collaborations under the ROCK initiative.
“This opportunity allows Fifth Third to invest in a unique way by taking a carefully structured approach to solving real-world systemic issues,” said Mike Ash, regional president of Fifth Third. “This program goes beyond injecting capital into Arlington Woods. We strive to have a significant impact by targeting investments in this specific area, working with JEWEL Human Services and their key organizations, driving change through affordable housing and top-notch education.
Fifth Third is collaborating on the initiative with Enterprise Community Partners, a national non-profit organization that exists to make a good home possible for the millions of families who don’t have one. Together, they managed a criteria-based, invitation-only application process to select nine predominantly black neighborhoods that have experienced an extended period of divestment. Arlington Woods was one of the selected locations. Enterprise will provide technical assistance to support each neighborhood in developing and implementing a plan tailored to the unique challenges it faces. Enterprise will then help assess the plan’s effectiveness in improving the economic well-being of local residents and small businesses. Positive outcomes will include investing in small businesses, home ownership, and workforce development to create positive outcomes such as increased employment, economic stability, and growth.
“The Fifth Third Neighborhood investment program shows what is possible when we make intentional investments focused on black lives and legacies,” said Priscilla Almodovar, President and CEO of Enterprise Community Partners. A group of neighborhood partners committed to an initiative that aligns powerfully with our goals as an organization: to increase the supply of housing, advance racial equity, and strengthen resilience and upward mobility. ”
“We are committed to providing strategic information that will help establish an upward trajectory for communities that have historically had limited investment opportunities,” said Nashelle Frazier, regional economic and community development manager. “It’s more than donating dollars and Bank programs to JEWEL Human Services, we support their vision of a neighborhood that meets its members where they are and provides the resources to get them where they want to be. . Through the Neighborhood Investment Program, we will put in place comprehensive assistance to build lasting relationships and develop a foundation of equity to help eliminate racial disparities and level the playing field.
Fifth Third intends to commit up to $ 20 million in loans, investments and philanthropic support, including grants from the Fifth Third Foundation to JEWEL Human Services. A combination of capital, products and services will be invested in small businesses, mortgages, philanthropic efforts, and neighborhood revitalization loans and investments.
JEWEL Human Services was invited to apply for the program based on its ability to meet specific criteria, including collaboration with black residents in the neighborhood, existing civic infrastructure in the neighborhood, and its ability to manage equitable investments and wealth creation opportunities. Program funds will cultivate investments and resources from other stakeholders to support the economic mobility of low- and moderate-income residents in target neighborhoods.
Anthony Murdock, executive director of JEWEL Human Services, Inc. said his organization will use the funds to continue Phase II of the Rock initiative. The plan includes a new education center, as well as affordable multi-family housing, new two-story homes, one-story retail space, as well as a public garden and green space. “Eastern Star Church through the ROCK Initiative is obligated by our mission of evangelism and discipleship and our faith in God to work to improve the quality of life in the Arlington Woods neighborhood. We are grateful for the leadership of Jeffrey A. Johnson, Sr., Senior Pastor and CEO of Eastern Star Church, the Church Board, our dedicated staff, and the continued sacrifice of our parishioners, volunteers and partners such as Fifth Third Bank and their neighborhood investment program. for their commitment to join us in transforming work for this community, ”says Murdock.
The neighborhood investment program is part of Fifth Third’s $ 2.8 billion pledge that will provide $ 2.2 billion in loans, $ 500 million in investment, $ 60 million in accessibility funding and $ 40 million in philanthropy from the Fifth Third Foundation as part of the Fifth Third Racial Equality Acceleration, Equity and Inclusion Initiative. The engagement is focused on four strategic pillars that have a direct impact on clients and communities with targeted results enabling the Bank to monitor progress and measure success in the areas of strategic investments, access to capital , financial inclusion and education, as well as social justice and advocacy. This program also aligns with Enterprise’s new strategic plan and its three main goals: increasing housing supply, advancing racial equity, and building resilience and upward mobility.
Additional beneficiary neighborhoods and lead organizations that will lead community efforts under the neighborhood program are:
- Avondale, Cincinnati: Avondale Development Corp.
- South Chicago, Chicago: Claretian Associates.
- Buckeye, Cleveland: Progress of the Cleveland neighborhood.
- Tampa East, Tampa, Fla .: Corporation to Develop Communities of Tampa, Inc.
- Bosquet Park, Atlanta: Grove Park Foundation.
- Historic West End, Charlotte, North Carolina: LISC.
- Near East, Columbus, Ohio: Partners Achieving Community Transformation.
- Russell, Louisville, Kentucky: Russell: A place of promise.
To learn more about the Neighborhood Investment Program, please visit 53NeighbourhoodInvest.org.
About corporate community partners
Enterprise is a national non-profit organization that exists to make a good home possible for the millions of families who don’t have one. We support community development organizations on the ground, aggregate and invest capital to make an impact, advance housing policy at all levels of government, and build and manage communities ourselves. Since 1982, we’ve invested $ 44 billion and created 781,000 homes in all 50 states, all to make homes and communities places of pride, power and belonging. Join us on EnterpriseCommunity.org.
About the fifth third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio, and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2021, the company had $ 205 billion in assets and operated 1,096 full-service banking centers and 2,369 Fifth Third-branded ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia, the North. Carolina and South Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending, and Wealth & Asset Management. Fifth Third is one of the largest fund managers in the Midwest and, as of June 30, 2021, had $ 483 billion in assets under watch, including $ 61 billion for individuals, corporations and nonprofits. through its Trust and Registered Investment Advisory Firms. Investor information and press releases can be found at www.53.com. The common shares of Fifth Third trade on the NASDAQ® Global Select Market under the symbol “FITB”.
About the Fifth Third Foundation
Established in 1948, the Fifth Third Foundation was one of the first charitable foundations created by a financial institution. The Fifth Third Foundation supports worthy causes in health and social services, education, community development and the arts in states where Fifth Third Bank operates.
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