The Utah Housing Preservation Fund Receives Commitment from Comenity Capital Bank

Rhea-AI Summary

Comenity Capital Bank, a subsidiary of Bread Financial (NYSE: BFH), has committed $10 million to the Utah Housing Preservation Fund (UHPF) over 10 years. This funding aims to purchase rental properties and maintain affordable housing for low- to moderate-income families in Utah. UHPF reports that it acquired 276 units in 2022, saving tenants over $3,000 annually on rent. This initiative is crucial amidst the affordable housing crisis, enhancing the living conditions for vulnerable populations across the state.

Positive

• Comenity Capital Bank's $10 million investment supports affordable housing initiatives in Utah.
• UHPF has already purchased 276 units in 2022, with each unit's rent averaging $320 below market rates.

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• None.

Funding from Comenity Capital Bank focused on supporting affordable housing initiatives in underserved Utah communities

SALT LAKE CITY--(BUSINESS WIRE)-- The Utah Housing Preservation Fund (“UHPF”) announced today that Comenity Capital Bank, a subsidiary of Bread Financial (NYSE: BFH), has made a 10-year commitment of $10 million to the Fund. This investment will allow UHPF to purchase rental properties and preserve them at affordable rates to working families, invest new capital for improvements, and hold the properties in perpetuity to ensure Utah maintains safe and affordable units for low- to moderate-income families.

Investments like this one from Comenity Capital Bank are critical in protecting the most vulnerable during the continuing affordable housing crisis. In 2022, UHPF purchased a total of 276 units. Each unit’s rent is protected and averages $320 less per month than market rate, saving each tenant more than $3,000 on average per year in rent. UHPF also helps Utah’s most vulnerable populations secure sustainable and affordable housing by partnering with Veterans Affairs, Catholic Community Services, and the Road Home.

“The Utah Housing Preservation Fund is 'evergreen,' meaning the Fund’s impact on affordable housing will last for generations,” said Lukas Ridd, UHPF Fund Manager. “Comenity Capital Bank’s desire to invest in long-term solutions that improve our community align with the Fund’s mission to preserve Utah’s existing affordable housing.”

“Fostering financial wellness is a top priority for Comenity Capital Bank and Bread Financial, and that starts with having stable, affordable housing,” said Bruce Bowman, president of Comenity Capital Bank. “Our investment in the Fund will create a lasting impact across Utah and helps ensure affordable housing in perpetuity for those in greatest need. We are proud to be an investor in the Fund.”

To ensure rental housing remains affordable for low- to moderate-income Utahns, the Utah Housing Preservation Fund relies on the generous commitments from investors and contributions from donors. Businesses interested in supporting this cause can find more information at UHPF.org.

About the Utah Housing Preservation Fund

The Utah Housing Preservation Fund aims to preserve the loss of Utah’s existing affordable housing through the purchasing, remodeling, and the rent-stabilization of housing units. This is accomplished through partnerships with municipalities, non-profits, philanthropists, and community banks. The Fund, managed through the Utah Nonprofit Housing Corporation, was introduced in March 2020 with a goal to preserve thousands of safe and affordable rental units and increase health outcomes for low- and moderate-income Utahns.

About Bread Financial^™

Bread Financial^™ (NYSE: BFH) is a tech-forward financial services company providing simple, personalized payment, lending and saving solutions. The company creates opportunities for its customers and partners through digitally enabled choices that offer ease, empowerment, financial flexibility and exceptional customer experiences. Driven by a digital-first approach, data insights and white-label technology, Bread Financial delivers growth for its partners through a comprehensive product suite, including private label and co-brand credit cards, installment lending, and buy now, pay later (BNPL). Bread Financial also offers direct-to-consumer solutions that give customers more access, choice and freedom through its branded Bread Cashback^™ American Express^® Credit Card and Bread Savings^™ products.

Headquartered in Columbus, Ohio, Bread Financial is powered by its 6,000+ global associates and is committed to sustainable business practices. To learn more about Bread Financial, visit BreadFinancial.com or follow us on Facebook, LinkedIn, Twitter and Instagram.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221213005183/en/

Media Contact:

Kylee Spjut

PR Strategist for Utah Housing Preservation Fund

kspjut@pennapowers.com

513.510.0610

Bread Financial

Rachel Stultz

614-729-4890

Rachel.Stultz@breadfinancial.com

Source: Bread Financial

FAQ

What is the investment amount from Comenity Capital Bank to the Utah Housing Preservation Fund?

Comenity Capital Bank has committed $10 million to the Utah Housing Preservation Fund.

What is the purpose of the Utah Housing Preservation Fund?

The purpose of the Utah Housing Preservation Fund is to purchase and preserve rental properties at affordable rates for low- to moderate-income families.

How many rental units did UHPF purchase in 2022?

In 2022, the Utah Housing Preservation Fund purchased a total of 276 rental units.

How much do tenants save annually due to UHPF's affordable housing initiatives?

Tenants save more than $3,000 on average per year in rent due to UHPF's initiatives.

How does Comenity Capital Bank's investment impact affordable housing in Utah?

The investment allows UHPF to improve existing properties and ensure affordable housing for vulnerable populations in Utah.