Outstanding Private Bank Rating for Community Reinvestment Initiatives

Morgan Stanley Private Bank, National Association, a national subsidiary of Morgan Stanley (NYSE: MS), has received the highest rating from the Office of the Comptroller of the Currency (OCC) for its work meeting the credit needs of communities it primarily serves New York and Westchester County, NY. The company received an “Outstanding” rating for its community reinvestment activities for the seventh consecutive time.

The OCC’s publicly available assessment report notes the excellent level of community development activity that contributed to the ‘Outstanding’ rating, including a total of $2.2 billion in development loans and investments communities that have responded to the need for affordable housing and economic development.

“Morgan Stanley is extremely proud to have received, for the seventh consecutive time, an ‘Outstanding’ rating from the OCC for its community reinvestment work,” said Michael Pizzi, Head of US Banks and Managing Director. “Our program’s continued focus on affordable housing and economic development remains our priority in the communities we serve.

The OCC report highlights several initiatives, including loans and investments that support the rehabilitation of affordable housing owned and operated by housing authorities. These include a $45 million loan for the redevelopment of 949 New York City Housing Authority apartments in 47 buildings in the gentrifying Bushwick neighborhood of Brooklyn.

Another notable housing initiative is a $10.1 million tax credit investment syndicated by Enterprise Community Partners for the Municipal Housing Authority of the City of Yonkers to undertake a major renovation of 86 affordable housing units for people older, including accessibility improvements, energy-saving renovations and upgraded interiors.

“Enterprise is fortunate to have an investment partner like Morgan Stanley who understands the critical need for good homes with affordable rents in Westchester and across the country,” said Lori Chatman, President, Capital Division, Enterprise Community Partners. “We deeply appreciate Morgan Stanley’s partnership and commitment to affordable housing and community development.”

The report also noted the Bank’s loan for an affordable housing portfolio in New York with a minority-owned sponsor, an initiative that led to the launch of an investment fund, managed by TruFund Financial Services, dedicated to invest in various affordable housing developers.

James Bason, President and CEO of TruFund, said, “Morgan Stanley is an innovator and market leader when it comes to working with partners and creating innovative solutions for diverse businesses. They seek ways to impact and fill gaps in the affordable housing and economic development markets by devoting themselves to long-term solutions.

“We thank our community partners for their continued collaboration in the New York market and beyond. Customizing solutions with our valued partners ensures that we add value where it is needed most,” said Mike Mantle, Morgan Stanley’s community development finance manager and managing director.

Morgan Stanley is a leading global financial services company providing a broad range of investment banking, securities, wealth management and investment management services. With offices in 41 countries, the company’s employees serve customers around the world, including businesses, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

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