Fifth Third Collaborates with LISC Charlotte on $20 Million Commitment to the City’s Historic West End
LISC Charlotte is celebrating a significant new funding commitment from Fifth Third Bank that will support affordable housing and economic development in the Historic West End, with a focus on catalyzing economic opportunity while also protecting long-time residents from displacement.
Today Fifth Third Bank announced that it intends to commit up to $20 million in lending, investments and philanthropic support in Charlotte’s Historic West End, with LISC as a key partner. This investment is part of Fifth Third’s $180 million Neighborhood Investment Program, which is deploying capital to nine majority-Black communities in seven states. The aim is to accelerate revitalization in places that have experienced disinvestment. Over a three-year period, the program will support organizations like LISC that create cross-sector partnerships to serve the communities within Fifth Third’s retail banking footprint. Fifth Third is partnering with Enterprise Community Partners to manage the Neighborhood Investment Program.
“So much of the work we are doing here in Charlotte leverages remarkable commitments like this one from Fifth Third to prove the value of community development finance, attracting additional capital and new partners that can fuel strong outcomes for residents,” said Ralphine Caldwell, executive director of LISC Charlotte.
LISC Charlotte is working with three local organizations on this effort—Historic West End Partners, West Side Community Land Trust, and For The Struggle. Together, they will use Fifth Third’s support to fuel housing preservation and development, homeownership counseling, small business growth, commercial corridor improvements, and capacity-building for grassroots organizations.
“The Historic West End has, for decades, been a base for Black-led civic, cultural and economic activity,” Caldwell said. “We have worked closely with the people who live and work here on revitalization strategies that help them reap the benefits of new investments, rather than be pushed out by gentrification. With this new funding, Fifth Third is helping fuel gains that the people in Historic West End are eager to see,” she said.
Press coverage
- How a $20M investment from Fifth Third Bank will benefit Charlotte's West End from Charlotte Business Journal
- Fifth Third Bank investing $20 million in Historic West End from WSOC-TV
- Fifth Third Bank is investing millions in this Charlotte neighborhood. Here’s how. from The Charlotte Observer