Fifth Third Awards $16M in New Markets Tax Credits to Community Facilities in Atlanta, Cincinnati
CINCINNATI–(BUSINESS WIRE)–
Fifth Third (NASDAQ: FITB) has awarded $16 million in New Markets Tax Credits (NMTCs) to three facilities in Atlanta and Cincinnati that will help spur economic mobility and community revitalization in historically disinvested neighborhoods.
“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 $50 million allocation in federal New Markets Tax Credits that the Fifth Third New Markets Development Company (NMDC) received from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund in September. The NMDC is an affiliate of the Fifth Third Community Development Company, LLC (CDC).
“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:
- 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 in New Markets Tax Credits and invested $5.5 million in equity in the project.
- 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 city-owned center will strengthen Cincinnati’s 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 in New Markets Tax Credits, invested $4.46 million in equity, and the Fifth Third Foundation has committed $2.5 million to the project. Construction began in May 2025 and is expected to conclude in fall 2026.
- 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 facility is set to be a vital resource for those in crisis and seeking support in the community. Fifth Third has awarded the center $5 million in New Markets Tax Credits and invested $3.77 million in equity. Owned and operated by nonprofit Talbert House, the center is expected to open in 2025 in Cincinnati’s 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 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.
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 39% of the cost of the investment and is claimed over a seven-year period. The CDEs in turn use the capital raised to make investments in low-income communities. CDEs must apply annually to the CDFI Fund to compete for New Markets Tax Credit Program allocation authority. Since the inception of the NMTC Program, the CDFI Fund has completed 20 allocation rounds and has made 1,667 awards totaling $81 billion in tax allocation authority. This includes $3 billion in Recovery Act Awards and $1 billion of special allocation authority used for the recovery and redevelopment of the Gulf Opportunity Zone.
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)
[email protected]
Matt Curoe (Investor Relations)
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KEYWORDS: United States North America Ohio Georgia
INDUSTRY KEYWORDS: Construction & Property Finance Urban Planning Banking Professional Services Philanthropy Social Services Fund Raising Other Philanthropy
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