Huntington National Bank is donating 100 million dollars toward affordable housing projects across Ohio. About 40 percent of the money will be used by developers in the Greater Cleveland area with the rest going elsewhere in the state. They will build and renovate apartments at affordable rents for those with low to moderate incomes.
The bank announced its plans thursday at the St. Rita Senior Apartments, part of the Jenning Center for Older Adults in Garfield Heights. The 63 apartments at St. Rita's are an example of the type of development that will be funded by the donation.
Huntington says that the bank has a history of investing in affordable housing - typically contributing 10 to 20 million annually. However, Steve Steinour, the bank's CEO, says this year, the economic needs of the region inspired them to reach deeper into their pocket.
STEINOUR: "We felt it was important to try and get in front of this issue in a leadership way, rather than what we've done over the last 20 years, and so we've committed an amount that is historic for the state with the hope that it will be an example that others may follow."
The investment also provides a tax break for the bank which reported a profitable first quarter and should stimulate some hiring in construction.
Gretchen Cuda, 90.3