WINSTON-SALEM, N.C., April 2, 2019 /PRNewswire/ -- BB&T Corporation (NYSE: BBT) today announced a $15 million commitment to the Foundation For The Carolinas, which will be used for the Charlotte Housing Opportunity Investment Fund to support affordable housing in Mecklenburg County.
The Charlotte Housing Opportunity Investment Fund is designed to lessen the growing affordability gap by developing housing that serves residents in a range of incomes – including moderate-, low- and extremely low-earning households. This includes multi- and single-family housing, workforce housing and multifamily rehabilitation projects.
The BB&T commitment includes a $1 million grant, $4 million in Fund Debt and/or Fund Equity, and $10 million in below market loans.
"Affordable housing is a critical component for any community, which helps them grow and thrive," said BB&T Chairman and Chief Executive Officer Kelly S. King. "As part of our mission, to help make the communities where we work better places to live, we're delighted to make this contribution to the Foundation for the Carolinas and support their affordable housing efforts throughout the Charlotte metro area."
During the past three years, BB&T has invested approximately $53 million in the Charlotte/Mecklenburg area for affordable multi-family units including seniors. These projects include Bingham Park, Movement on Freedom, Mill Tree, Magnolia Gardens, Grier Heights Seniors and Arrowwood Villas.
"In our request for contributions from the private sector, it is our region's financial institutions that have responded the loudest," said Foundation For The Carolinas President and CEO Michael Marsicano. "BB&T showed tremendous generosity in its commitment to affordable housing. We are grateful for their support of this community."
Mecklenburg County currently faces a deficit of more than 30,000 affordable-housing units. Foundation For The Carolinas is leading a campaign to raise $50 million from the private sector for the Charlotte Housing Opportunity Investment Fund – matching the $50 million bond referendum voters approved last November to increase the city of Charlotte's Housing Trust Fund. Local Initiatives Support Corporation (LISC) will hold and manage the Charlotte Housing Opportunity Investment Fund, which will work in tandem with the city's trust fund.
BB&T is one of the largest financial services holding companies in the U.S. with $225.7 billion in assets and market capitalization of approximately $33.1 billion, as of Dec. 31, 2018. Building on a long tradition of excellence in community banking, BB&T offers a wide range of financial services including retail and commercial banking, investments, insurance, wealth management, asset management, mortgage, corporate banking, capital markets and specialized lending. Based in Winston-Salem, N.C., the company operates more than 1,800 financial centers in 15 states and Washington, D.C., and is consistently recognized for outstanding client service by Greenwich Associates for small business and middle market banking. More information about BB&T and its full line of products and services is available at BBT.com.
SOURCE BB&T Corporation