Fifth Third Bank has announced that it will invest $100 million in urban and rural Opportunity Zone community development projects across its ten-state footprint. 

The bank's partners in the effort include the National Equity Fund, an affiliate of the Local Initiatives Support Corporation, which will receive $25 million; financial services company Raymond James ($25 million); the Chicago-based Decennial Group ($30 million); and Fallbrook Multifamily ($20 million). Projects currently under consideration by the partners include the redevelopment of affordable and workforce housing, partnerships with housing authorities to bring grocery stores to food deserts, investments in neighborhoods that are part of larger strategic growth initiatives, and the creation of community centers for public housing residents.

Established as part of the 2017 Tax Cut and Jobs Act, Opportunity Zones are designed to catalyze long-term private-sector investment in economic development and job creation initiatives in economically distressed communities.

"We are excited to help Fifth Third break new ground in Opportunity Zones with a strategy that prioritizes local impact along with a reasonable financial return," said LISC president and CEO Maurice A. Jones. "Not only does this capital help LISC's affiliate NEF fuel housing for working families, but it also features a novel approach that will represent the best intent of the Opportunity Zone incentive."