Truist Financial and Truist Foundation announced $17 million in commitments to support affordable housing in Charlotte, NC, and career development and economic mobility programs across North Carolina.
The Truist commitment consists of three initiatives:
- A $15 million equity investment from Truist Community Capital in the Housing Impact Fund II to combat displacement, secure affordable housing and facilitate critical services for low-to-moderate income families across Mecklenburg County, NC. It is the second such fund formed by Erskine Bowles, former head of the U.S. Small Business Administration and White House chief of staff under President Bill Clinton, and Nelson Schwab, a founding partner of Carousel Capital.
- A $1 million Truist Foundation grant to Per Scholas North Carolina to expand technology skills training in rural North Carolina.
- A $1 million Truist Foundation grant to NPower to provide technology skills and employment opportunities for military-connected individuals and underserved young adults in the Raleigh community.
“Safe, affordable housing and career pathways are key to North Carolina’s vibrancy and economic growth. Truist’s purpose is to inspire and build better lives and communities, and our commitment today addresses these critical needs,” Bill Rogers, chairman and CEO of Truist, said. “We are honored to be the anchor investor in the Housing Impact Fund II, which has a proven and innovative approach to preserving affordable housing near jobs, transit and quality education in Charlotte. Our grant to NPower makes its free information technology training available for the first time in the state to help many North Carolinians attain quality jobs. The grant to Per Scholas also supports upward mobility with the expansion of its remote information technology training program in rural areas of North Carolina. These organizations are truly making a difference to strengthen our communities.”
Truist is renewing its role as the anchor investor in the Housing Impact Fund II, which has raised $66.8 million with a goal to preserve 1,200 units of naturally occurring affordable housing (NOAH) in Mecklenburg County over the next two years. The Housing Impact Fund II follows the success of the Housing Impact Fund I, a $58 million fund formed in 2020 that has facilitated the acquisition and rehabilitation of 805 units in five Mecklenburg County communities. In total, the two funds will invest nearly $125 million in affordable housing and services.
The housing created by the first fund is more than 97% occupied, serves more than 2,000 residents and has 20-year affordability covenants that ensure their continued availability to those earning less than 80% of the area’s median income. The second fund will focus its investments on apartment communities that are vulnerable to gentrification. Like the first fund, the second fund will spend more than 90% of its renovation dollars with businesses led by people from underrepresented backgrounds.
“Protecting NOAH properties is an important and lower-cost way for growing cities to provide affordable housing to residents,” Mark Ethridge, principal at Ascent Housing, which oversees property acquisition, rehabilitation and operation for both funds, said. “Without protection, NOAH apartments will not stay affordable and we risk losing these units to redevelopment and pricing thousands of people out of the housing market. Truist and our fund investors are helping ensure safe, affordable housing options are available in these communities.”
The Housing Impact Fund II received support from a group of investors, including Truist, PNC Bank, Atrium Health, Honeywell and the Leon Levine Foundation and numerous other companies, foundations and individuals. Ascent Housing, under Ethridge’s direction, will serve as operating partner for the fund, while Schwab and Bowles, co-founders of Charlotte-based private equity firm Carousel Capital, will serve as managing members.
NPower, a technology training program spanning seven states, is venturing into North Carolina, marking its debut in Raleigh, NC. This expansion seeks to attract, educate and empower at least 150 new learners over the course of the grant from Truist and aims to hone their skills to master the art of information technology (IT) with the expectation of acquiring expertise equivalent to professionals with one to two years of experience. One of the goals of this initiative is for the impact to extend beyond the boundaries of learning, enabling graduates to confidently embrace the digital economy and its myriad possibilities.
“Real innovation begins when the problem statement is clear and there is a sincere commitment to address it. That’s why we’re thrilled to be partnering with Truist Foundation for our expansion into North Carolina,” Bertina Ceccarelli, CEO of NPower, said. “Empowering underserved communities through innovation in tech and embracing diversity isn’t just a vision; it’s the driving force behind NPower’s mission, where every challenge becomes an opportunity to pave the way for a brighter, more inclusive tomorrow.”
Per Scholas, an organization that has been advancing equity and increasing opportunity across America for more than 25 years, aims to double the size of its technology skills training offering in North Carolina. Through partnerships, Per Scholas North Carolina will offer remote training programs to more than 250 learners in rural areas of the state in an effort to increase access and opportunity for high-growth careers in technology.
“Per Scholas is grateful for this tremendous investment into Per Scholas North Carolina from Charlotte-based Truist Foundation, helping to increase pathways to economic mobility for North Carolinians. We know the transformative impact a career in technology can have on individuals, and increasing access and opportunity is key. Per Scholas North Carolina has seen the impact of our rural training model already, injecting more than $1.9 million back into local communities. We’re very humbled by Truist Foundation’s grant, which will help us unlock potential for even more aspiring rural technologists, in turn building stronger communities, companies and economies,” Caitlyn Brazill, chief development officer of Per Scholas, said.
