CHARLOTTE, NC – Foundation For The Carolinas received a major boost today for its ongoing affordable housing fundraising campaign. BB&T, as well as SunTrust Banks, Inc. and the SunTrust Foundation, announced $30 million in combined commitments aimed at increasing affordable housing in Mecklenburg County.
Currently, Mecklenburg County faces a deficit of more than 30,000 affordable housing units. Foundation For The Carolinas is leading a campaign to raise $50 million from the private sector for the Charlotte Housing Opportunity Investment Fund – matching the $50 million bond referendum voters approved last November to increase the City of Charlotte’s Housing Trust Fund.
The $30 million total includes $10 million toward the Charlotte Housing Opportunity Investment Fund – with BB&T contributing $5 million, and SunTrust and the SunTrust Foundation combining for $5 million. In addition, BB&T and SunTrust each announced commitments of $10 million in below-market debt to support affordable housing development efforts.
“In our request for contributions from the private sector, it is our region’s financial institutions that have responded the loudest,” said Foundation For The Carolinas President and CEO Michael Marsicano. “BB&T, SunTrust and the SunTrust Foundation have shown tremendous generosity in their commitment to affordable housing. We are grateful for their support of this community.”
“Affordable housing is a critical component for any community, which helps them grow and thrive,” said BB&T Chairman and Chief Executive Officer Kelly S. King. “As part of our mission, to help make the communities where we work better places to live, we’re delighted to make this contribution to Foundation For The Carolinas and support their affordable housing efforts throughout the Charlotte metro area.”
“Affordable housing is a key component of a vibrant and inclusive community, and aligned with our purpose as a company of Lighting the Way to Financial Well-Being. We’re proud to build on our past efforts to promote development of affordable housing in the Charlotte region, and to join with Foundation For The Carolinas in accelerating this work,” said Bill Rogers, chairman and CEO of SunTrust.
The Charlotte Housing Opportunity Investment Fund was jumpstarted in May 2018 with a $5 million program-related investment from the Foundation. So far, the campaign has raised $31 million of the $50 million goal, with another $97 million committed to affordable housing efforts beyond the fund. The Charlotte Housing Opportunity Investment Fund will be held and managed by Local Initiatives Support Corporation (LISC) and will work in tandem with the City’s public trust fund.
Increasing access to affordable housing was a key recommendation of the Leading on Opportunity Report, which provided a roadmap for improving economic mobility in Charlotte Mecklenburg. The increased public Housing Trust Fund – as well as the new private sector fund – were both direct recommendations of the report.
BB&T, SunTrust and SunTrust Foundation commitments were announced during Foundation For The Carolinas’ Annual Meeting luncheon. The event featured acclaimed chef and humanitarian José Andrés, who was recently nominated for a Nobel Peace Prize for his disaster-relief efforts.
For more information on the Foundation’s Charlotte Housing Opportunity Investment Fund – and for a complete list of commitments – click HERE.
