As part of Fifth Third Bank's community investment commitment, Fifth Third recently signed a five-year, $30 billion investment plan to help improve neighborhoods in 10 different states, including Ohio.
Eleven billion dollars will go toward mortgage lending, $10 billion toward small business lending and $9 billion toward community development lending.
More specifically, Fifth Third will be helping transform underdeveloped neighborhoods in the Cincinnati area.
In May, Fifth Third donated $100,000 in seed money to the Community Development Corporations Association of Greater Cincinnati to help build underdeveloped neighborhoods in the region.
“Cincinnati is our hometown and we felt it was important to help spur revitalization and community development,” says Mark Walton, director of community and economic development for Fifth Third.
The CDC Association of Greater Cincinnati manages the Growth Development Fund and is an umbrella company that supports local organizations, such as the Community Development Corporations, Community Urban Redevelopment Corporations and Community Housing Development Organizations, throughout the city.
The money will be used to create the Neighborhood Growth Fund, which will help develop cleaner, safer and stronger neighborhoods.
“Helping to build strong communities is part of Fifth Third’s DNA,” Walton says. “We are always looking for the most effective ways to support community growth.”
As part of that community growth, the CDC Association of Greater Cincinnati will target development in burgeoning neighborhoods. Those neighborhoods have not yet been announced, but they're working on the process for the development efforts.
“The grant is a good faith grant that demonstrates confidence in the CDC Association of Cincinnati’s ability to allocate resources to the communities that can most easily be helped,” Walton says.
Exact plans for these neighborhoods are still in the works, but development projects will be inline with work that the CDC Association of Greater Cincinnati has done in College Hill and Walnut Hills.
The organization helped spur develop at the intersection of Hamilton Avenue and North Bend Road, as well as get the ball rolling on the restoration of historical Walnut Hills buildings that are now apartments and restaurants.
Although this isn't an annual grant, Fifth Third will continue to support the community and the CDC Association of Greater Cincinnati.