News Release
U.S. BANK SUPPORTS CATHOLIC CHARITIES’ NEW VISION FOR DOROTHY DAY CENTER
Project will provide emergency shelter, permanent homes and paths out of poverty for the homeless
ST. PAUL, Minn. – Feb. 1, 2016 – U.S. Bank is investing $19 million to advance a bold new vision for Catholic Charities’ Dorothy Day Center.
The dual-phase $100 million project will prevent and end homelessness for those most in need by focusing on three key components: dignified shelter, affordable permanent housing and dedicated self-sufficiency services that will create true pathways out of poverty and homelessness. Higher Ground Saint Paul, the first phase of the project, is under construction at 411 N. Main St. and will include 193 affordable apartments, 48 pay-for-stay beds, and a 232-bed emergency shelter for the homeless.
Higher Ground Saint Paul will replace the 155-apartment Mary Hall and the emergency shelter at the Dorothy Day Center, which will be demolished. It will also feature specialized housing and services for veterans, people with disabilities and those who have complex medical challenges. The second phase of the project, the Saint Paul Opportunity Center, will provide a hub of support services as well as additional permanent housing to help people out of poverty and on to brighter futures.
“Higher Ground is a great partnership where public and private resources combine to strengthen our community,” said Zack Boyers, chairman and CEO of U.S. Bancorp Community Development Corporation—the bank subsidiary that invested in Higher Ground. “We must take care of the most vulnerable members of our neighborhoods, and I’m proud that U.S. Bank is a partner in this vital effort to care for the homeless.”
The new Dorothy Day Center will offer mental and physical health services; education; job training and placement; a Veterans Resource HUB; financial services and much more to individuals experiencing deep poverty and homelessness. The project is based on a national model run by Catholic Charities called Higher Ground Minneapolis.
U.S. Bank made two separate investments totaling $13 million in equity raised from federal New Markets and low-income housing tax credits as well as a $6.2 million construction loan for the $40 million Higher Ground Saint Paul project. U.S. Bank Foundation is donating $1 million to the building effort. U.S. Bank Chief Operating Officer and President Andy Cecere is co-chairman of Catholic Charities’ capital campaign.
“We are honored that U.S. Bank has made such a strong commitment to lead this historic public-private partnership that will strengthen this entire region, and transform the lives of our most vulnerable neighbors,” said Tim Marx, president and chief executive officer of Catholic Charities of St. Paul and Minneapolis. “U.S. Bank’s investment is critical to making this vision a reality—and to making our community a place where all residents have the opportunity to thrive.”
Construction of 111,000-square-foot Higher Ground Saint Paul building began in October 2015 and is expected to finish near the end of 2016. The second phase of the project, the Saint Paul Opportunity Center, is scheduled to begin construction in 2017. To date, the project has engaged around 250 workers onsite and another 140 workers offsite.
This investment marks USBCDC’s 100th community development project in the Minneapolis metro area in which USBCDC has invested $508 million since the division began more than 20 years ago. The developments across Minneapolis have produced more than 4,100 affordable apartments.
With nearly $19.4 billion in managed assets as of Dec. 31, 2015, U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank, provides innovative financing solutions for community development projects across the country using state and federally sponsored tax credit programs. USBCDC’s commitments provide capital investment to areas that need it the most and have contributed to the creation of new jobs, the rehabilitation of historic buildings, the construction of needed affordable and market-rate homes, the development of renewable energy facilities, and the generation of commercial economic activity in underserved communities. Visit USBCDC on the web at www.usbank.com/cdc.
Minneapolis-based U.S. Bancorp (NYSE: “USB”), with $422 billion in assets as of Dec. 31, 2015, is the parent company of U.S. Bank National Association, the fifth largest commercial bank in the United States. The company operates 3,133 banking offices in 25 states and 4,936 ATMs and provides a comprehensive line of banking, investment, mortgage, trust and payment services products to consumers, businesses and institutions. Visit U.S. Bancorp on the web at www.usbank.com.
Catholic Charities of St. Paul and Minneapolis serves those most in need. We are a leader at solving poverty, creating opportunity, and advocating for justice in the community. Our programs for children, families and adults annually help nearly 30,000 people, regardless of faith, background or circumstance. Through our advocacy efforts, Catholic Charities serves as a tireless voice for those who often go unheard. Our work would not be possible without our dedicated volunteers and donors. For more information about the new vision for the Dorothy Day Center, visit www.dorothydaycampaign.org.
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Contact:
• Shera Dalin, U.S. Bank Corporate Communications – 314.335.3335, shera.dalin@usbank.com
Twitter @usbank_news