A new bipartisan task force is tackling one of America’s most pressing problems – the national housing crisis – and is seeking to elevate the most innovative solutions from across the country to produce and preserve housing across all income levels in every part of the country.
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Fifth Third Community Development Corporation President Susan E. Thomas (Photo: Business Wire)
This work will be led in part by Fifth Third Community Development Corporation President Susan E. Thomas, a national leader in community development banking and development. Of the four bipartisan National Housing Crisis Task Force co-chairs, Thomas is the only co-chair from the private sector.
The other co-chairs are Utah Governor Spencer Cox, Atlanta Mayor Andre Dickens, and Cleveland Mayor Justin M. Bibb.
“The solutions are out there, but they are being deployed piecemeal, in individual communities,” Thomas said. “The task force will identify the best examples of innovative financing and land disposition tools, policies to streamline market-rate and subsidized-affordable housing development and help replicate them in communities across the country.”
Thomas has seen firsthand the impact of innovation in housing through her work with Fifth Third’s Empowering Black Futures Neighborhood Program, which creates and implements innovative place-based strategies to effect positive change in nine historically disinvested neighborhoods across the Bank’s 11-state footprint.
Affordable housing is a cornerstone of Fifth Third’s Neighborhood Program, which is pioneering a new way to do community development by partnering with local organizations to build ecosystems that drive real change through both financial and social investments. This collective ecosystem approach is focused on identifying solutions to key challenges in partnership with the community, with the goal of creating lasting, transformative change.
“At Fifth Third, we view safe, affordable housing as a basic human right, and helping to solve this crisis is one of our top priorities,” said Kala Gibson, chief corporate responsibility officer for Fifth Third. “As a regional bank, we are deeply embedded within the communities we serve, and we see firsthand every day how housing security is connected to economic mobility, financial stability, improved health outcomes and economic mobility.”
Fifth Third’s Community Development Banking Group is actively helping to create housing inventory and remove barriers to affordability across the Bank’s footprint. This includes investing in low-income housing tax credits, new markets tax credits, community development financial institutions, and investment funds, as well as community-based lending for projects that create housing and provide other supportive services.
“In 2023, Fifth Third provided $722 million in loans and investments to support 3,684 units of housing – and we’re just getting started,” Thomas said.
The National Housing Crisis Task Force is an ambitious, two-year project to bring the most promising innovations in housing production, preservation, and finance to communities across the country. Supported by the Nowak Metro Finance Lab at Drexel University and Accelerator for America (AFA), the bipartisan task force includes 28 government, non-profit, and business leaders who will create a platform to share and replicate what’s working locally, nationally and internationally. The task force’s work was launched Tuesday, July 23 at an in-person meeting in Washington, D.C. Its first report is expected this fall.
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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