Truist Invests $17 Million in the Future of Charlotte and Communities Across North Carolina

CHARLOTTE, NC / ACCESSWIRE / August 11, 2023 / Truist Financial Corporation (NYSE:TFC) and Truist Foundation 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.