New York 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, Calif., 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, N.J. 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.
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Media Contact: Scott Helfman +1 212-816-9241