Community and Affordable Housing Investments
MetLife undertakes community and affordable housing investments to bring significant, tangible benefits to communities. Our highest priorities within this category are financial inclusion investments that support underserved families in accessing financial tools to manage life’s risks and seize opportunities. Our community investments of $1.8 billion also include affordable housing, community facilities, and other transactions that serve low-income individuals and communities.
As one example, in 2016, MetLife closed on a new FlexCap loan that supports U.S. affiliates of Habitat for Humanity. This transaction ensures low-income customers have access to financial services and programs at reasonable costs. Habitat for Humanity mortgages are sized to meet family needs, and new homebuyers are provided with financial counseling to prepare for home ownership.
Highlights of MetLife Community and Affordable Housing Investments include:
- $26M equity commitment to finance the new construction of CityCenter Apartments in Lynnwood, Washington state, to provide 347 affordable rental units located near a planned light-rail station.
- $5M investment in Vital Healthcare, a new community development financial institution supporting primary healthcare delivery and jobs in low-income areas.
- $5M commitment to Bridges Ventures U.S. Sustainable Growth Fund, which will make equity investments in growth businesses in health, education, and sustainable living that support the economic growth and environmental sustainability of low-income communities.
- $5M loan to Living Cities Blended Catalyst Fund, which invests in innovative work that includes building income and wealth for low-income people and communities.
Planned Rendering of CityCenter Apartments in Lynnwood, Washington, targeted for completion July 2017.