Over $4.8 Billion Financed by Citi in Affordable Housing Projects in
2015
Citi continues its reign as No. 1 in Affordable Housing Finance (AHF)
Magazine’s annual survey of affordable housing lenders. Citi Community
Capital, which is the main avenue through which Citi works to finance
all types of affordable housing and community development projects,
reported over $4.8 billion of lending to finance affordable rental
housing projects in 2015. The Bank financed over $1.5 billion more than
its closest competitors and also $1.5 billion more than it lent the
previous year.
“Few things better demonstrate our commitment to strengthening the
communities we serve than our sustained investment in affordable
housing,” said Michael Corbat, Chief Executive Officer of Citi. “Strong
communities start with real housing options and we are proud to once
again be recognized as the leading financier for affordable housing.
Last year, we partnered with developers, non-profits and local
governments across the nation to help facilitate the preservation and
revitalization of thousands of units and we are committed to building
upon this record."
Total lending and investing by Citi Community Capital in 2015 was nearly
$7.8 billion in affordable housing, education, healthcare and small
business activities across 160 U.S. cities. Highlights include a
partnership with Turner Impact Capital and Agassi Ventures that will
invest up to $1 billion in the development of as many as 130 schools
serving over 100,000 students in high-need areas nationwide by 2020.
Also, Citi financed the expansion and rehabilitation of the New England
Center for Homeless Veterans in downtown Boston and provided $3.2
million in New Markets Tax Credit equity to finance vital community
health services provided by the Martin Luther King Jr. Community
Hospital for the residents of South Los Angeles.
“This recognition is a testament to the hard work and dedication of our
team,” said Richard Gerwitz, Co-Head of Citi Community Capital. “We
believe it is important to support the communities in which we serve, a
cornerstone of our mission, and we will continue to put capital to work
to create and preserve affordable housing throughout the country.”
Reaching over 26,000 subscribers in print and online, Affordable Housing
Finance is the only national publication serving owners, developers,
managers, and lenders involved in the production and preservation of
affordable housing. The full “Top 25 Affordable Housing Lenders of 2015”
survey can be found at http://tinyurl.com/hsak37o.
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management.
Additional information may be found at http://www.citigroup.com
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