Ohio bank makes state's largest affordable housing investment

Huntington Bank of Columbus, Ohio will invest $100 million in affordable renting units across the state.

The company expects that the funds - which is the single largest affordable housing investment in state history - will build more than 1,300 apartments through 2012 and house as many as 3,000 low-income residents. CEO Steve Steinour hopes that the investment will reinvigorate construction projects that have been stalled statewide due to lack of funding.

U.S. Senator Sherrod Brown of Ohio was on hand for the announcement, and praised Huntington's commitment to the community.

"Our economy and our communities cannot recover until every Ohioan has a place that he or she can call home," he said. "This critical investment addresses the urgent need for affordable housing, and it also creates jobs and stimulates local economic development."

The bank has already funded the construction of the St. Rita Senior Apartments, a 63-unit rental community for low- to moderate-income senior citizens located in Garfield Heights.

Ohio has been among the top 10 states hardest hit by the foreclosure crisis, but improved in May when foreclosure activity fell 13 percent from the previous month, reported foreclosure marketplace RealtyTrac.


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