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FOR IMMEDIATE RELEASE November 15, 2001 Citigroup CCDE Provides $1 Million Loan to Faith Center for Community Development New York - Citigroup Center for Community Development Enterprise (CCDE) today announced that it will provide Enterprise Housing Financial Service Inc. (EHFS), the subsidiary loan fund of the Enterprise Foundation, with a $1 million loan restricted for use by the Faith Fund. Established through a partnership between the Enterprise Foundation and the Faith Center for Community Development (FCCD,) the Faith Fund is a revolving loan fund for FCCD's clients that offers capability building grants, predevelopment recoverable grants, and predevelopment and acquisition loans. Citigroup CCDE's loan will enable EHFS and the FCCD to provide low rate predevelopment financing to faith-based community development institutions engaged in the construction of housing and community facilities in low- and moderate-income communities throughout the New York tri-state area. Citigroup also is a lead philanthropic supporter of FCCD, which is a nonprofit organization established in 1997 to provide resources and technical assistance for faith-based community development projects. "Citigroup recognizes the importance of the work that the Faith Center is doing in bringing together financial and religious institutions with faith-based community developers to form partnerships that will greatly enhance the quality of life in our communities," said Pamela P. Flaherty, Senior Vice President of Global Community Relations at Citigroup. "We are proud to support the Faith Center and know that our partnership with them will help us to strengthen our commitment to provide access to financial products and services for all." Founded in 1997, FCCD's primary mission is to build on the unique strengths and assets of faith-based organizations to help create and sustain thriving neighborhoods through provision of services. This mission is being carried out through the development of five program areas: general information and referral, organization development and training, homeownership, real estate development, and the Faith Fund that will provide grants and loans. "A key to our success is our ability to deliver financial resources and capability building services to faith-based community development organizations," said Dr. Fred Lucas, President and CEO of the Faith Center for Community Development. "We greatly appreciate Citigroup's support and look forward to working with them as we continue to expand our outreach." As a lead philanthropic sponsor of FCCD, the Citigroup Foundation recently provided the organization with a $500,000 grant, payable in two installments in 2001 and 2002. The grant will be targeted for real estate development efforts and to administer the Faith Fund, along with the expansion of FCCD's homeownership program in low-income minority communities. Previous Citigroup grants to the Faith Center total $350,000. Citigroup CCDE offers nonprofit and for-profit developers and businesses innovative and comprehensive financing packages for their projects in low- and moderate-income areas. As a member of Citigroup, CCDE taps resources and skills from across the company's units. Together, this diverse mix can finance projects, support operations through lines of credit, purchase tax credits, underwrite and market municipal bonds, manage funds, and address insurance needs. # # #
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