CINCINNATI, January 26, 2024 /3BL/ – The community of Avondale is a beneficiary of Fifth Third’s $180 million Empowering Black Futures Neighborhood Investment Program. Launched in 2021, the program is flourishing and has begun creating the kind of fundamental change that helps communities thrive long-term. The program, which is investing $20 million in nine neighborhoods within the Bank’s footprint, is enabling economic mobility for residents and supporting infrastructure, programming and financial access with the potential for life-changing, generational positive impact. To date, the program has invested $193 million in nine low-to-moderate income neighborhoods that have experienced disinvestment and is extending technical assistance through 2025 for sustained impact and progress.
Among the neighborhood program’s goals are the creation of safe and affordable housing options for residents. In Avondale, Fifth Third partnered with the Avondale Development Corporation and the Port of Greater Cincinnati Development Authority for the Avondale Home Improvement Program (AHIP), which is enabling homeowners to make critical repairs on their homes. The program targets specific areas within Avondale to make a measurable, noticeable difference on 30 homes and increase home property values and homeownership. Repairs include windows, roofing, concrete work, siding, doors and exterior painting.
“The AHIP program projects meet a critical housing need and home repairs in Avondale,” said Royce Sutton, Fifth Third’s community impact territory manager. “This represents our continued commitment to transform Avondale and empower the residents in all the communities we serve.”
AHIP helps residents pay for the repairs via a forgivable loan, an essential assist given that nearly 60% of the homeowners have an annual income of $25,000 or less. In addition to completing important repairs, the Avondale Home Repair Program was designed to promote homeownership in the community by stabilizing its existing housing stock. Mitch Morris, an Avondale resident whose home was part of AHIP, said, “I am grateful that my home was part of AHIP. Everyone was very professional and knowledgeable. They helped me with any questions I had through the whole process.”
“AHIP is not merely a project, it’s a testament to our commitment to building a community where everyone, regardless of their socioeconomic status, can have a safe, affordable place to call home,” said Avondale Development Corporation Executive Director Russell Hairston.
Fifth Third announced comprehensive updates for the neighborhoods, along with progress on additional initiatives to drive transformation in low-to-moderate income areas, in its inaugural Community Impact Report. To read the Community Impact Report in full, visit www.53.com/CIR.
About Fifth Third
Fifth Third is a bank that’s as long on innovation as it is on history. Since 1858, we’ve been helping individuals, families, businesses and communities grow through smart financial services that improve lives. Our list of firsts is extensive, and it’s one that continues to expand as we explore the intersection of tech-driven innovation, dedicated people and focused community impact. Fifth Third is one of the few U.S.-based banks to have been named among Ethisphere’s World’s Most Ethical Companies® for several years. With a commitment to taking care of our customers, employees, communities and shareholders, our goal is not only to be the nation’s highest performing regional bank, but to be the bank people most value and trust.
Fifth Third Bank, National Association, is a federally chartered institution. Fifth Third Bancorp is the indirect parent company of Fifth Third Bank and its common stock is traded on the NASDAQ® Global Select Market under the symbol “FITB.” Investor information and press releases can be viewed at www.53.com. Deposit and credit products provided by Fifth Third Bank, National Association. Member FDIC.
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CONTACTS
Tiffaney Hardy (Media Relations)
tiffaney.hardy@53.com | 513-534-8039
