Commitments will support affordable housing,
career development and economic mobility initiatives
CHARLOTTE, N.C., Aug. 10,
2023 /PRNewswire/ -- Truist Financial
Corporation (NYSE: TFC) and Truist Foundation today
announced $17 million in commitments
to support affordable housing in Charlotte and career development and economic
mobility programs across North
Carolina.
The Truist commitment consists of three initiatives:
- $15 million equity investment
from Truist Community Capital in the Housing Impact Fund II
to combat displacement, secure affordable housing and facilitate
critical services for low-to-moderate income families across
Mecklenburg County. It is the
second such fund formed by Erskine
Bowles, former head of the U.S. Small Business
Administration and White House Chief of Staff under President
Clinton, and Nelson Schwab, a
founding partner of Carousel Capital.
- $1 million Truist Foundation
grant to Per Scholas North Carolina to expand technology
skills training in rural North
Carolina.
- $1 million Truist Foundation
grant to NPower to provide technology skills and employment
opportunities for military-connected individuals and underserved
young adults in the Raleigh
community.
"Safe, affordable housing and career pathways are key to
North Carolina's vibrancy and
economic growth. Truist's purpose is to inspire and build better
lives and communities, and our commitment today addresses these
critical needs," said Truist Chairman and CEO Bill Rogers. "We are honored to be the anchor
investor in the Housing Impact Fund II, which has a proven and
innovative approach to preserving affordable housing near jobs,
transit and quality education in Charlotte. Our grant to NPower makes its free
information technology training available for the first time in the
state to help many North Carolinians attain quality jobs.
The grant to Per Scholas also supports upward mobility with
the expansion of its remote information technology training
program in rural areas of North
Carolina. These organizations are truly making a difference
to strengthen our communities."
Truist Community Capital continues to lead in affordable
housing investment fund
Truist renews its role as the anchor
investor in the Housing Impact Fund II (HIF II), which has raised
$66.8 million with a goal to preserve
1,200 units of Naturally Occurring Affordable Housing (NOAH) in
Mecklenburg County over the next
two years. HIF II follows the success of HIF I, a $58 million fund formed in 2020 that has
facilitated the acquisition and rehabilitation of 805 units in five
Mecklenburg County communities. In
total, HIF I and II will invest nearly $125
million in affordable housing and services in the
community.
The housing created by HIF I is more than 97% occupied, serves
more than 2,000 residents and has 20-year affordability covenants
that ensure their continued availability to those earning less than
80% of the area median income. HIF II will focus its investments on
apartment communities that are vulnerable to gentrification. Like
HIF I, HIF II will spend more than 90% of its renovation dollars
with minority-led businesses.
"Protecting NOAH properties is an important and lower-cost way
for growing cities to provide affordable housing to residents,"
said Mark Ethridge, principal at
Ascent Housing, which oversees property acquisition, rehabilitation
and operation for HIF I and II. "Without protection, NOAH
apartments will not stay affordable, and we risk losing these units
to redevelopment and pricing thousands of people out of the housing
market. Truist and our fund investors are helping ensure safe,
affordable housing options are available in these communities."
HIF II received support from a diverse group of investors with
deep ties to Charlotte, including
Truist, PNC Bank, Atrium Health, Honeywell, the Leon Levine
Foundation and numerous other companies, foundations and
individuals. Ascent Housing, under Ethridge's direction, will
serve as operating partner for HIF II. Managing members of HIF
II will be Schwab and Bowles, co-founders of Charlotte-based private equity firm Carousel
Capital. Additional information about HIF I and II is
available.
Truist Foundation grants build skills, help propel economic
mobility across state
In an era where technology and
digital prowess have become essential for many job opportunities,
Truist Foundation announced two grants with a singular focus:
forging pathways to economic mobility through technology-oriented
training initiatives.
NPower, a nationwide tech training program spanning seven
states, is venturing into North
Carolina, marking its debut in Raleigh—a vibrant city within
the Research Triangle community. This ambitious expansion seeks to
attract, educate and empower at least 150 new learners over the
course of the grant, and aims to hone their skills to master the
art of information technology (IT) with the expectation of
acquiring expertise equivalent to professionals with one to two
years of experience. One of the goals of this initiative is for the
impact to extend beyond the boundaries of learning, enabling these
graduates to confidently embrace the digital economy and its myriad
possibilities.
"Real innovation begins when the problem statement is clear and
there is a sincere commitment to address it. That's why we're
thrilled to be partnering with Truist Foundation for our expansion
into North Carolina," said
Bertina Ceccarelli, CEO of NPower.
"Empowering underserved communities through innovation in tech and
embracing diversity isn't just a vision; it's the driving force
behind NPower's mission, where every challenge becomes an
opportunity to pave the way for a brighter, more inclusive
tomorrow."
Per Scholas, an organization that has been advancing equity and
increasing opportunity across America for more than 25 years, aims
to double the size of its technology skills training offering in
the Tarheel state. Through dynamic partnerships, Per Scholas North
Carolina will offer remote training programs to more than 250
learners in rural areas of the state in an effort to increase
access and opportunity for high-growth careers in technology. With
a robust roster of employer partners, from Fortune 500 companies to
innovative startups, some previous graduates of the program were
able to earn nearly twice their pretraining wages, which can result
in sustainable economic mobility.
"Per Scholas is grateful for this tremendous investment into Per
Scholas North Carolina from Charlotte-based Truist Foundation, helping to
increase pathways to economic mobility for North Carolinians. We
know the transformative impact a career in technology can have on
individuals, and increasing access and opportunity is key. Per
Scholas North Carolina has seen the impact of our rural training
model already, injecting more than $1.9
million back into local communities. We're very humbled by
Truist Foundation's grant, which will help us unlock potential for
even more aspiring rural technologists, in turn building stronger
communities, companies and economies," said Caitlyn Brazill, chief development officer of
Per Scholas.
About Housing Impact Fund II
Housing Impact Fund II is
a $66.8 million social impact equity
fund raised to preserve naturally occurring affordable housing in
Mecklenburg County. HIF II
acquires, renovates and sets long-term affordability covenants on
large-scale apartment communities vulnerable to gentrification. The
fund will set aside 30% of its portfolio for households earning
less than 30% of area median income (AMI), 50% of units to
households earning less than 60% AMI and 20% of units to households
earning less than 80% AMI. HIF II follows the success of the
initial Housing Impact Fund which preserved over 800 apartments in
opportunity-rich areas of Charlotte housing more than 2,000 residents.
HIF II is managed by Erskine Bowles
and Nelson Schwab and operated in
partnership with Ascent Housing. More information is available at
www.ascenthousing.com and
www.ascenthousing.com/housing-impact-fund.
About NPower
NPower is a national nonprofit on a
mission to move people from poverty to the middle class by training
youth from underserved communities and military-connected
individuals in a range of tech skills and placing them in quality
jobs. Students who enter their free, six-month program, earn
industry-recognized certifications and graduate with the
competencies of an IT professional with one to two years of
experience. NPower also places students in paid internships with
corporate and nonprofit organizations. Eighty percent of NPower
graduates get a full-time job or continue their education. Not only
is NPower changing life trajectories for individuals from
vulnerable communities, but they are also strengthening the overall
competitiveness of U.S. businesses hamstrung by today's limited
pool of IT talent. To learn more about NPower, visit
www.npower.org.
About Per Scholas
For more than 25 years, Per Scholas
has been advancing equity and increasing opportunity across
America. Per Scholas unlocks potential for individuals,
communities, and employers through rigorous training for careers in
tech. Partnering with dynamic employer partners, from Fortune 500
companies to innovative startups, we are building sustainable and
diverse talent pipelines, together changing the face of tech. With
national remote training and campuses in 20 cities and growing, Per
Scholas offers tuition-free training in the most in-demand tech
skills, including Cloud, Cybersecurity, Data Engineering, IT
Support, Software Engineering, and more. To date, more than 20,000
individuals have gained the skills to launch high-growth tech
careers, earning three times their pre-training wage. Diversity,
equity, inclusion, and belonging is our DNA, with 85 percent of
learners are people of color, two in five are women, and more than
half have a high school diploma as their highest education
credential. Learn more by visiting PerScholas.org and follow
us on LinkedIn, Twitter, Facebook, Instagram, and
YouTube. For local updates, follow Per Scholas North Carolina on
LinkedIn and Facebook.
About Truist Foundation
Truist Foundation is committed
to Truist Financial Corporation's (NYSE: TFC) purpose to inspire
and build better lives and communities. Established in 2020, the
foundation makes strategic investments in nonprofit organizations
to help ensure the communities it serves have more opportunities
for a better quality of life. Truist Foundation grants and
activities focus on building career pathways to economic mobility
and strengthening small businesses. Learn more at
Truist.com/Foundation.
About Truist
Truist Financial Corporation is a
purpose-driven financial services company committed to inspiring
and building better lives and communities. Truist has leading
market share in many high-growth markets in the country and offers
a wide range of products and services through our retail and small
business banking, commercial banking, corporate and investment
banking, insurance, wealth management and specialized lending
businesses. Headquartered in Charlotte, North Carolina, Truist is a top 10 U.S.
commercial bank with total assets of $555 billion as of
June 30, 2023. Truist Bank, Member FDIC. Learn more
at Truist.com.
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