Comerica Bank will expand its community development lending program, the bank announced Wednesday.
The bank said it plans to focus on affordable housing by strengthening access to capital assistance for developers of Low-Income Housing Tax Credit (LIHTC) projects from both non-profit and for-profit organizations by offering tax credit lending for projects receiving LIHTC reservations. Senior Vice President Andrew Wong will oversee the bank’s efforts to bolster the development of affordable multifamily housing, focusing on vulnerable communities in the markets the bank serves.
“Availability of affordable housing for our most vulnerable communities remains an increasing problem across our country. Recent data from the National Low-Income Housing Coalition (NLIHC) shows that there are only 36 affordable and available rental homes for every 100 extremely low-income renter households nationwide,” said Beatrice Kelly, Senior Vice President of Community Development Lending, Comerica Bank. “We believe that expanding our lending program will build up our communities and ensure families have a secure, safe, and affordable place to call home.”
Since 1992, Comerica has invested over $1.4 billion in low-income housing tax credits and products funding more than 290 projects. Over the past decade, Comerica has committed $75 million annually to low- to moderate0income housing.
“Our commitment to the health, welfare, and vibrancy of the communities we serve drives our customer service, business development, and philanthropic outreach,” said Irvin Ashford, Jr., Chief Community Officer, Comerica Bank. “We are focused on community investments, growth, and leadership that reach underserved individuals, families, and businesses through programs such as those that focus on affordable housing.”
The March 2020 NLIHC report reported that 71 percent of the lowest-income renter households remain severely cost-burdened. These renters, the report said, spend more than half of their incomes on housing and face a higher risk of eviction and homelessness.
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