Huntington Bancshares Inc. (NASDAQ:HBAN) declared that it is going to invest $150 million in ensuring affordable housing continues for the most vulnerable people in Ohio.
Total investments by Huntington
The new additional allocation adds up Huntington investments to a total of $513 million in collaboration with Ohio Capital Corporation for Housing (OCCH) in the past 7 years. This has greatly benefited more than 15,000 low to moderate income earners residents from Ohio.
The bank in alliance with the community leaders came together again to join hands with affordable housing partners and the advocates in Cleveland to publicize the 2017-2018 company’s commitment. The initiative was initially introduced in the city in 2010.
Company’s obligation to its hometown
The company feels that partnership is the best way to make a difference and help those in need. The president, CEO and chairman of Huntington, Steve Steinour met with Hal Keller the president of OCCH, Armond Budish, the Cuyahoga County Executive and the other civic and community leaders to announce the great news at the Euclid Corridor Senior Housing site Church Square Commons.
Steinour stated that the company came to the rescue of the locals in Ohio when they learnt that affordable housing development was delaying due to expected changes to the Federal Tax Code. He stated further that the company felt obligated to continuously give its support to adequate housing to those who are most needy.
This is especially since Ohio has been home to the company for about 151 years and the company remains committed to investing in the locality as well as affordable housing to assist people in leading better lives. The company expects that its new commitment will accelerate the investment rate by other organizations in alliance with OCCH in order to maintain affordable housing beginnings and refurbishment projects in Ohio.
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Previous investments in the city
This is the third major investment in Ohio by Huntington aimed at developing affordable housing. Previous investments were worth $100 million in 2010-2012 and $150 million invested in 2013-2015 and additional $113 million in the year 2016. This makes it the largest tax credit investor that has continuously invested significant amounts in ensuring affordable and secure housing for many Ohio residents.
