Community investment group to fund real estate development opportunities in local markets
GREEN BAY, Wisconsin -November 10, 2014 – Associated Bank today announced the expansion of its community development subsidiary, Associated Community Development LLC (ACD), under the leadership of commercial real estate EVP Breck Hanson.
The expansion includes an increase in funding for local community development projects as well as the appointment of several Associated Bank executives to the ACD investment committee and senior policy team.
Associated Community Development offers both equity and lending in underserved areas throughout the Midwest, primarily in Wisconsin, Illinois and Minnesota. Investment initiatives include tax credits for affordable income housing, historical building preservation and various commercial development projects.
“Investing in our local markets is a top priority for Associated Bank,” said Breck Hanson, commercial real estate EVP. “We’re looking forward to creating meaningful real estate development opportunities in the communities we serve, which in turn foster job creation and improved housing options.”
Day-to-day efforts will be led by the ACD investment committee, which includes representation from the compliance, corporate credit, treasury, tax and the commercial real estate lines of business at Associated Bank. The senior policy team will supervise all initiatives and provide guidance and strategic recommendations.
Corporate Treasurer Tim Watson, Chief Credit Officer Scott Hickey and Senior CRA Representative Gwen Washington will join the senior policy team. Additionally, Commercial Real Estate Credit Manager Patrick Ahern will chair the CDC’s investment committee, supported by Senior Relationship Manager Michael McGovern and Director of Investments Charlie Cafazza.
“We are excited to report that two major ACD projects totaling $25 million will be completed by the end of this year,” said Hanson. “Associated Bank is also working with local communities to identify additional investment opportunities.”
For more information on ACD, please visit www.associatedbank.com.