Citi Solidifies its Position as Americas Largest Affordable Housing Lender
March 05 2019 - 9:15AM
Business Wire
Record Year: Bank Provides Over $6 Billion
to Finance Affordable Housing Projects in 2018
Milestone Marks Ninth Consecutive Year that
Citi has Achieved this Designation
Citi maintained top position as the largest affordable housing
lender in the Country, according to Affordable Housing Finance
(AHF) Magazine’s annual survey of affordable housing lenders. This
marks the ninth consecutive year that Citi has earned this
distinction. Citi Community Capital, the bank unit through which
Citi works to finance all types of affordable housing and community
development projects, reported over $6 billion of lending to
finance affordable rental housing projects in 2018, the most in a
single year since AHF began tracking lending activity in the
sector.
“Safe, high-quality affordable housing drives economic growth
and builds vibrant communities,” said Michael Corbat, Chief
Executive Officer of Citi. “The over 36,000 affordable units that
Citi financed last year provided much-needed housing where it’s
most essential and we are proud to achieve this recognition for the
ninth straight year. We look forward to continuing to partner with
our clients to strengthen the communities we serve in the U.S.”
Total lending and investing by Citi Community Capital in 2018
was over $8.2 billion in affordable housing, education, healthcare
and small businesses across 248 U.S. cities. Recent transactions
included $125 million in construction financing for New York City
Housing Authority's Baychester and Murphy complexes in the Bronx.
The 722-units of public housing will be renovated and converted
into Section 8 housing. Citi also provided $31 million for the
construction of Blue Flame Apartments. The former office building
located in El Paso, TX was originally constructed in 1954 and will
be renovated into 120 affordable apartments. In addition, Citi
provided funding for the construction of the 57-unit RISE
Apartments located in Los Angeles, CA. This special needs project
for homeless and homeless veterans will include affordable housing
and onsite supportive services for its residents.
“Affordable housing continues to be a major issue across the
country,” said Richard Gerwitz, Co-Head of Citi Community Capital.
“We take great pride in helping local and state government, as well
as the development community, preserve and increase the supply of
affordable housing with creative financing solutions.”
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 2018” survey can be found
athttps://www.housingfinance.com/finance/despite-challenges-lenders-upbeat-for-2019_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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Media Contact:Scott Helfman+1 212-816-9241
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