NEW YORK--(BUSINESS WIRE)--Citi has again secured the top ranking in Affordable Housing Finance (AHF) Magazine’s annual survey of affordable housing lenders for the seventh consecutive year. Citi Community Capital, the bank unit through which Citi works to finance all types of affordable housing and community development projects, reported over $5.75 billion of lending to finance affordable rental housing projects in 2016. This was a record year for the Bank, which lent over $2 billion more than its closest competitor and $1 billion more than it lent the previous year.
“Good housing stock is a foundation of strong communities,” said Michael Corbat, Chief Executive Officer of Citi. “Last year, partnering with developers, non-profits and local governments, we helped create or preserve nearly 50,000 affordable housing units. Investing in the communities where we live and work is a cornerstone of our mission and we plan to continue to help build infrastructure that strengthens our neighborhoods and advances economic opportunity.”
Total lending and investing by Citi Community Capital in 2016 was over $7 billion in affordable housing, education, healthcare and small businesses across 204 U.S. cities. Highlights include Citi’s $98 million investment in an Aegon LIHTC Fund, which is providing financing for affordable housing projects in California, Massachusetts, Missouri, Texas and Washington. Citi also provided funding for Ocean Bay Apartments, in Far Rockaway NY, to renovate 1,395 New York City Housing Authority public housing units. The property suffered considerable damage in Hurricane Sandy and has been using temporary boilers since the hurricane in 2012. In addition, Citi closed on construction to permanent financing for Gold Star Manor in Long Beach, California. The funds are being used to renovate 348 units of housing targeted to veterans and parents of veterans who died in military service.
“We believe it is important to support the communities we serve, and are thrilled to once again receive this recognition,” said John Heppolette, Co-Head of Citi Community Capital. “There is a tremendous need for affordable housing, and as a preferred financial partner, we will continue to offer innovative solutions for affordable housing providers and community developers.”
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 2016” survey can be found at http://www.housingfinance.com/finance/ahf-announces-top-25-lenders-of-2016_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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