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SunTrust invests $10 million in JBG Smith affordable housing initiative

SunTrust Community Capital, a subsidiary of the Atlanta-based bank, said it will invest $10 million into JBG Smith Properties’ affordable housing initiative.

In the past three years, the bank said its affordable housing investor group has put nearly $115 million into Greater Washington projects that support housing. JBG Smith’s initiative, which looks to build new affordable and workforce housing units in the region, is in line with SunTrust’s mission, said Dan O’Neill, president of the Mid-Atlantic division of SunTrust (NYSE: STI).

“Affordable housing is a critical component to a vibrant and diverse economy,” O’Neill said in a statement.

Last year, SunTrust Community Capital invested $10.8 million toward the Abrams Hall Senior Apartments, a Northwest D.C. project expected to create about 80 affordable units. It also provided $33 million in financing for The Liberty Place project, which is slated to add 71 units of affordable housing less than a mile from Union Station.

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Read the full story from the Washington Business Journal.