Citi Reigns as the Largest Affordable Housing Lender Nationally
March 14 2018 - 8:59AM
Business Wire
Milestone Marks Eighth Consecutive Year that
Citi has Received this Designation
Nearly $4.7 Billion Lent to Finance
Affordable Housing Projects in 2017
Citi has retained the top ranking in Affordable Housing Finance
(AHF) Magazine’s annual survey of affordable housing lenders. This
milestone marks the eighth consecutive year that it has received
this designation. Citi Community Capital, the bank unit through
which Citi works to finance all types of affordable housing and
community development projects, reported nearly $4.7 billion of
lending to finance affordable rental housing projects in 2017.
“Citi is proud to have financed so many transactions that
provide quality, affordable housing to thousands of people and
families across the country. We are unwavering in our commitment to
strengthen the communities we serve, and we continue to work
closely with developers, non-profits and local governments to
provide sustainable housing choices for all,” said Michael Corbat,
Chief Executive Officer of Citi.
Total lending and investing by Citi Community Capital in 2017
was nearly $6.7 billion in affordable housing, education,
healthcare and small businesses across 153 U.S. cities. Recent
transactions include funding for Metro at Western, a new
construction project in Los Angeles, CA that will include 33 units
of housing set aside for low income residents with 16 of those
specifically for homeless veterans with special needs. Citi also
funded $47 million for the new construction of a 207-unit mixed
income development that will sit atop the New Brunswick Performing
Arts Center in New Brunswick, NJ. In addition, Citi provided $27.9
million to finance the construction of MLK Plaza, a brand new LEED
Gold certified affordable housing development in the Bronx that was
one of the first to use the City’s new Mandatory Inclusionary
Housing program.
“In keeping with our mission to enable growth and progress, we
take great pride in providing the financing tools and capital
needed to help pave the way for more affordable housing,” said John
Heppolette, Co-Head of Citi Community Capital. “Key to our ongoing
efforts is creative partnerships and we will continue to build on
this by supporting the communities we serve, and the economic
diversity that helps them thrive.”
Reaching over 27,000 subscribers in print and online, Affordable
Housing Finance is the only national publication serving owners,
developers, managers, and investors involved in the production and
preservation of affordable housing. The full “Top 25 Affordable
Housing Lenders of 2017” survey can be found at
http://www.housingfinance.com/finance/lenders-persevere-through-market-disruptions_o
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
| Twitter: @Citi | YouTube: http://www.youtube.com/citi | Blog:
http://blog.citigroup.com/| Facebook: http://www.facebook.com/citi
| LinkedIn: www.linkedin.com/company/citi.
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