Fifth Third Collaborates with NeighborWorks America to Prevent Foreclosures and Evictions

Rhea-AI Summary

The Fifth Third Foundation has partnered with NeighborWorks America, committing $600,000 to aid 18 community organizations across 10 states in response to COVID-19 impacts. This funding will focus on preventing foreclosures and evictions while offering financial coaching and emergency rental assistance. Since March, Fifth Third has distributed $7.1 million of its $8.75 million COVID-19 relief funds to 82 non-profits, with $1.3 million allocated for housing assistance. This initiative aims to support vulnerable renters and enhance community stability during ongoing challenges.

Positive

• Collaboration with NeighborWorks America to provide $600,000 for COVID-19 support.
• Funds will aid in eviction prevention and offer financial coaching in impacted communities.
• Disbursed $7.1 million of the $8.75 million COVID relief funds to support local non-profits.

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• None.

CINCINNATI--(BUSINESS WIRE)--The Fifth Third Foundation today announced a collaboration with NeighborWorks America to support efforts addressing the impacts of COVID-19 in local communities across 18 NeighborWorks America network organizations located throughout Fifth Third’s 10-state footprint.

The $600,000 collaboration, which will be funded through The Fifth Third Foundation’s COVID-19 relief, recovery and resiliency funds, will assist the network organizations’ efforts to prevent foreclosures and evictions; assist with the impacts from the COVID-19 pandemic in communities; respond to critical needs; provide foreclosure and eviction mitigation and counseling; and financial coaching and emergency rental assistance for clients, as well as homeownership counseling and education.

“The pandemic has for many severely affected their ability to meet the basic human need of having shelter over their heads,” said Byna Elliott, senior vice president and chief enterprise responsibility officer, Fifth Third Bank. “These funds will help people stay in their homes and provide them with the necessary financial coaching to assist them in establishing stability.”

According to UC Berkley’s Terner Center for Housing, nearly 16.5 million renter households have at least one worker in an industry likely to be immediately affected by efforts to flatten the curve in the COVID-19 pandemic. That means nearly 50 million people who live in a renter household are likely experiencing immediate job or income losses. Persons of color and low-income households have been identified as the most vulnerable to the impact of the pandemic.

“We are pleased to join forces with Fifth Third as we provide this vital support to our network organizations and increase their capacity to impact the communities they serve as people continue to endure the effects of the pandemic,” said John Santner, regional vice president, Midwest Region of NeighborWorks America. “The support from the Fifth Third Foundation will continue to help us in our mission of creating opportunities for people to live in affordable homes, improve their lives and strengthen their communities here in the Midwest and in areas of our Southern Region.”

Since March, 82 non-profit organizations have received $7.1 million of Fifth Third’s $8.75 million COVID-19 relief, recovery and resiliency funds. The funds have been used for COVID-19 food assistance, medical supplies, small businesses, operations and servicing low-to-moderate income individuals. $1.3 million has been disbursed in housing assistance. To learn more about how Fifth Third is helping its employees, customers and communities during the pandemic, please visit www.53.com/covid19. To learn more about NeighborWorks America, please visit www.neighborworks.org.

About the Fifth Third Foundation

Established in 1948, the Fifth Third Foundation was one of the first charitable foundations created by a financial institution. The Fifth Third Foundation supports worthy causes in the areas of health and human services, education, community development and the arts in the states where Fifth Third Bank operates.

About Fifth Third

Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2020, Fifth Third had $203 billion in assets and operated 1,122 full-service banking centers and 2,456 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2020, had $405 billion in assets under care, of which it managed $49 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.

About NeighborWorks America

For more than 40 years, Neighborhood Reinvestment Corp., a national, nonpartisan nonprofit known as NeighborWorks America, has strived to make every community a place of opportunity. Our network of excellence includes more than 240 members in every state, the District of Columbia and Puerto Rico. NeighborWorks America offers grant funding, peer-exchange, technical assistance, evaluation tools and access to training, as the nation's leading trainer of housing and community development professionals. NeighborWorks network organizations provide residents in their communities with affordable homes, owned and rented; financial counseling and coaching; community building through resident engagement; and collaboration in the areas of health, employment and education.