U.S. Bank announced this week that it is investing $4.8 million with the goal of advancing affordable housing. The investment comes from the bank’s Community Possible grants as well as corporate contributions.
“We believe that every individual and family deserve access to safe, accessible and affordable homes,” said Tim Welsh, vice chairman of consumer and business banking at U.S. Bank.
“Homes support people in securing stable employment, preparing children for school and connecting families with community,” Welsh said. These grants and contributions alongside the American Dream loan program and first-time homebuyer educational workshops aim at advancing affordable homeownership across the country.”
Community Possible is the bank’s giving and engagement platform. According to the company, employees invest their time and resources through this platform in an effort to support stable jobs and homes.
With grants from the platform, the $4.8 million investment includes a $500,000 commitment to Twin Cities Habitat for Humanity. According to the company, U.S. Banks has partnered with Habitat for Humanity to build 3,000 homes in 75 cities across the country.
Companies investing in affordable housing seems to be a growing trend. Only two weeks ago, Apple announced a $2.5 billion commitment to affordable housing in California. This announcement followed one from a fellow tech company, as Facebook announced in October that it was committing $1 billion to help address the affordable housing crisis in California.
Joining the regionally-specific investors, Airbnb invested $25 million in Bay Area affordable housing this fall as well.
And for U.S. Bank, funds aren’t the only thing being invested.
“So far this year, U.S. Bank organized 118 home builds and donated 8,700 hours of volunteer time with Habitat for Humanity across the country, including a significant partnership with the Carter Work Project led by Jimmy and Rosalynn Carter in Nashville, Tenn,” the company said.