BB&T and SunTrust, which will be merging by the end of 2019, recently announced it is funding a $10 million social impact investment aimed at addressing the lack of affordable housing in Washington D.C’s housing market.
The equity investment, which specifically tackles the scarcity of housing for middle-income individuals and families, will be added to the Impact Pool of the Washington Housing Initiative.
The initiative aims to preserve affordable workforce housing for individuals who cannot afford Washington’s expensive market-rate home prices but earn too much to qualify for its subsidies.
"Access to decent, affordable housing provides critical stability for families and significantly contributes to the long-term health and growth of any community," BB&T Greater Washington D.C. Regional President Jodie Hughes said. "As part of our mission, to help make the communities where we work better places to live, we're very happy to make this commitment to the Washington Housing Initiative and support affordable housing efforts for hard-working individuals and families throughout our region."
The Impact Pool for the Initiative is managed by JBG Smith and focuses on preserving affordability in rapidly growing areas in the Washington area.
Currently, the program expects to preserve or build between 2,000 and 3,000 units of affordable housing in the Washington region over the next decade.
"We are very grateful for our inaugural investors, like BB&T, who share our mission to provide innovative, resident-focused, affordable housing for working Washingtonians," JBG Smith Executive Vice President of Social Impact Investing AJ Jackson said. "In a city like Washington, access to affordable housing becomes just as important to economic growth as education and job skills. BB&T's commitment to our Impact Pool will go a long way toward helping us address this critical need for our community and local economy."