Louisville’s Russell neighborhood is making strides toward a comeback, despite 60% of its residents living in poverty and a homeownership rate below 15%. Fifth Third is proud to be part of the journey.

In June 2021, Russell was selected for Fifth Third’s Neighborhood Program. The place-based community development initiative was designed to spur economic mobility within nine underserved and historically disinvested neighborhoods across Fifth Thirds11-state Consumer Bank footprint.

The program invests significant dollars into local neighborhoods. It combines all the resources – intellectual, social and financial – to cause a positive ripple effect that leads to community revitalization, small business growth, affordable housing, financial and workforce education and development, and healthy safe spaces.

“After three years, we can see a genuine impact on people's lives," said Kim Halbauer, Kentucky region president. "It's amazing to see not only our investments at work, but also the investments of others inspired by our work. Because of this journey, more individuals have opportunities to have jobs, own homes and create impact for their families."

Fifth Third has invested $33.7 million in direct investments into the Russell neighborhood and catalyzed an additional $65 million. That makes for a total financial impact of $98.8 million in the neighborhood.

Preserving homeownership across generations

Some of that investment has gone to homes, both building and preserving existing housing. For example, Fifth Third has partnered with the New Directions Housing Corporation and Russell: A Place of Promise (RPOP) to provide critical home repairs to 10% of its homeowners. Sixty homeowners have benefited from improvements like roofing repairs, new flooring to prevent slip-and-fall injuries, and bathroom and kitchen remodels to accommodate aging in place. Additionally, trees have been pruned or removed to prevent code enforcement citations, while properties have been brought up to modern code with HVAC installations and replacements, and electrical and plumbing repair.

“Home repairs are a key element of Fifth Third’s strategy to revitalize the Russell neighborhood,” said Adam Hall, Kentucky region community impact manager. “We are focused on all facets of quality housing, including repairs and upgrades to existing houses to help prevent displacement of legacy and long-time residents of Russell. By working with existing partners, especially RPOP and New Directions, we are able to support existing homeowners and ensure that they are equipped to stay in Russell and thrive for many years to come.”

The Legal Aid Society also helped these residents develop estate plans so their houses can continue to be family homes for generations.

Neighborhood businesses get a lift

The Russell: A Place of Promise Small Business Accelerator has invested $292,000 directly into 68 small businesses. It also has organized four cohorts to help the business owners advance their business acumen. Philanthropy through the Fifth Third Foundation supported the Accelerator and helped to leverage additional investments from other organizations. The funding supported the program and also provided capital for grants from $1,000 to $5,000 that each business received after completion of the program.

Thanks to these and more than 20 other projects and investments in Russell, residents have a better chance to better their lives.

Learn more about Fifth Third’s Neighborhood Program.