First Financial Bank Invests $500,000 in Affordable Housing Fund through GCF
CINCINNATI, OH (August 29, 2023) — First Financial Bank (Nasdaq: FFBC) has invested $500,000 in Greater Cincinnati Foundation’s Affordable Housing Impact Investment Pool (AHIIP). AHIIP is an initiative launched by Greater Cincinnati Foundation in partnership with the Cincinnati Development Fund and others to provide low-interest loans for pre-development work to create affordable housing. In just over three years, the pool has grown to over $14 million with more than 30 donors – far exceeding the initial goal of $5 million in five years. First Financial Bank is the first bank in the region to rise to the moment and invest in AHIIP.
“First Financial Bank’s contribution signals their commitment to our community, and we are excited to welcome that commitment and know that it’ll play a positive role in creating more housing that’s affordable,” said Robert Killins Jr., director, special initiatives at GCF.
AHIIP is already changing the affordable housing landscape by opening the door to small investors and nonprofits through loans that help cover upfront costs such as feasibility studies, tax-credit paperwork and staffing – all of which can easily carry six-figure costs. Thus far, 27 loans have been made, supporting the creation of over 1,000 additional affordable housing units.
“With this investment, First Financial Bank further expands our efforts to provide affordable housing options that are the foundation toward improving the financial wellbeing for neighbors in our communities,” said Roddell McCullough, chief corporate responsibility officer for First Financial Bank.
Public and private partnerships are essential in the fight for affordable housing across the region. Investing in AHIIP provides two types of returns, social and financial. The social impact is easy to grasp; housing is the foundation on which all aspects of our lives are built upon. The second return on investment is financial. At the end of the investment, investors receive the entirety of their investment plus a small return. The region also experiences an economic boost, through the creation of construction jobs, putting more money in the pockets of families. It’s crucial to understand that investment in AHIIP isn’t just a dollar amount; it’s an investment in the families who call our community home and the local economy.
Tools like AHIIP create pathways for our community to work together and ensure that everyone has a place they’re proud to call home. Learn more about GCF’s affordable housing work and AHIIP at gcfdn.org/affordable-housing.
About Greater Cincinnati Foundation
As the region’s leading community foundation, Greater Cincinnati Foundation connects people with purpose in an eight-county region in Ohio, Kentucky and Indiana. GCF is leading the charge toward a more vibrant and equitable Greater Cincinnati for everyone – now, and for generations to come.
Vice President, Marketing and Integration