ATLANTA, May 8, 2019 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) announced that it will make a $10 million equity investment in JBG SMITH's Washington Housing Initiative Impact Pool. The Initiative is a transformational market-driven approach to producing affordable housing in the Washington, D.C. region. SunTrust, through its subsidiary SunTrust Community Capital, has been actively involved in the development of affordable housing in the region having invested approximately $115 million in the past three years. This includes projects such as: Abrams Hall (80 units for seniors), City View (58 units for families), Brookland Place (80 units for families) and Westover Apartments (68 units for families).
"Affordable housing is a critical component to a vibrant and diverse economy. SunTrust's efforts to build workforce housing will be further enhanced by this fantastic initiative, and we look forward to remaining a key partner for the Washington, D.C. community," said Dan O'Neill, president of the Mid-Atlantic Division of SunTrust.
The Initiative was launched by JBG SMITH and the Federal City Council in June 2018 as a scalable market-driven model that uses private capital to help address the scarcity of housing for middle income families. The program expects to preserve or build between 2,000 and 3,000 units of affordable workforce housing in the region.
"We recognize that the workforce housing shortage across the DC region creates unique challenges for many individuals and families. We are committed to proactively addressing this situation by taking meaningful, lasting action, but we know we cannot do it alone," said JBG SMITH executive vice president of Social Impact Investing, AJ Jackson. "We are very grateful to have the support of so many institutional investors helping to bring new private capital towards the effort of preserving and producing affordable workforce housing in our region. This will allow us to move forward with a scalable, replicable, market-based approach to preserving affordability, preventing displacement, and strengthening inclusive communities. We believe that the Impact Pool will be an important tool to improve housing affordability for working families."
About SunTrust Banks, Inc.
SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of March 31, 2019, SunTrust had total assets of $220 billion and total deposits of $162 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. Learn more at suntrust.com.
About JBG SMITH
JBG SMITH is an S&P 400 company that owns, operates, invests in and develops a dynamic portfolio of high-quality mixed-use properties in and around Washington, DC. Through an intense focus on placemaking, JBG SMITH cultivates vibrant, amenity-rich, walkable neighborhoods throughout the Capital region, including National Landing where it now serves as the exclusive developer for Amazon's new headquarters. JBG SMITH's operating portfolio currently comprises approximately 18 million square feet of high-quality office, multifamily and retail assets, 98% at our share of which are Metro-served. It also maintains a robust future pipeline encompassing approximately 18.7 million square feet of mixed-use development opportunities. For more information on JBG SMITH please visit www.jbgsmith.com.
The Impact Pool is a separate legal entity from JBG SMITH. While the manager of the Impact Pool is controlled by JBG SMITH, an investment in the Impact Pool is not an investment in JBG SMITH.
SOURCE SunTrust Banks, Inc.