Fifth Third Awards $16M in New Markets Tax Credits to Community Facilities in Atlanta, Cincinnati
“Our approach to community development at Fifth Third is place-based and people-first, and it considers the total wellbeing of all residents who call a neighborhood home,” said Kala Gibson, chief corporate responsibility officer for Fifth Third. “These investments represent a commitment by Fifth Third to ensure that residents of these neighborhoods can thrive in and be proud of the place they call home.”
The awards are part of a
“Fifth Third’s innovative, place-based approach to working in neighborhoods and working at a neighborhood scale is a true community development success story,” said Susan E. Thomas, president of the Fifth Third CDC. “As we have become increasingly active in place-based development and lending, adding New Markets Tax Credits to our toolbox helps our team effect even more positive change within the communities that we serve – as these projects demonstrate.”
The New Markets Tax Credit Program helps economically distressed communities attract private investment capital. The federal tax credit helps to fill project financing gaps by enabling investors to make larger investments than would otherwise be possible. Communities benefit from the jobs associated with investments in manufacturing, retail and technology, as well as from greater access to housing and public facilities such as health, education, and childcare.
The inaugural NMTC recipients include:
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Phillis Wheatley Westside YWCA (
Atlanta ): The NMTC equity will support the return of the Phillis Wheatley Westside YWCA to Atlanta’s Westside neighborhood after a decade-long closure. Originally built in 1951 on the campus of Spelman College, the YWCA was a vital center for civic and social life among African American residents, including housing the first integrated dining room. When it reopens later this year, the revitalized facility will once again serve the community – offering an Early Learning Academy, a hands-on Digital Skills Academy, space for health services providers focused on family wellness, and flexible classroom and meeting spaces designed to foster connection and growth. Fifth Third has awarded$5 million $5.5 million
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Findlay Community Center (
Cincinnati ): The Findlay Community Center project will create a new, state-of-the-art facility that will offer both a community and recreation center as well as an early learning childcare center. The$100 million North Over-the-Rhine neighborhood through the amenities and daily programming it will offer, and the high-quality jobs that will be created to operate the facility. Services will be available to all community members regardless of income. Fifth Third has awarded$6 million $4.46 million $2.5 million
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Talbert House Hamilton County Crisis Center (
Cincinnati ): The Hamilton County Crisis Center will offer essential healthcare and mental health services, including a primary care clinic and pharmacy addressing clients' physical, mental, and emotional health needs. With the capacity to serve approximately 1,600 clients annually, the$11.7 million $5 million $3.77 million Avondale neighborhood.
Community economic development is a cornerstone of Fifth Third’s Neighborhood Program, which creates and implements innovative place-based community development strategies to effect positive change in historically disinvested neighborhoods across the Bank’s footprint.
The program is designed to increase financial access and spur economic mobility for all, creating a positive ripple effect that leads to community revitalization, small business growth, affordable housing, financial and workforce education and development, and healthy safe spaces.
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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
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.
About the New Markets Tax Credit Program
The New Markets Tax Credit Program, established by Congress in December 2000, permits individual and corporate taxpayers to receive a non-refundable tax credit against federal income taxes for making equity investments in financial intermediaries known as Community Development Entities (CDEs). CDEs that receive the tax credit allocation authority under the program are domestic corporations or partnerships that provide loans, investments, or financial counseling in low-income urban and rural communities. The tax credit provided to the investor totals
To learn more about the New Markets Tax Credit Program, please visit www.cdfifund.gov/nmtc.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250617900061/en/
Amanda Nageleisen (Media Relations)
amanda.nageleisen@53.com
Matt Curoe (Investor Relations)
matthew.curoe@53.com | 513-534-2345
Source: Fifth Third
