NEW YORK--(BUSINESS WIRE)--Citi continues its reign as No. 1 in Affordable Housing Finance (AHF) Magazine’s annual survey of affordable housing lenders. Citi Community Capital, which is the main avenue through which Citi works to finance all types of affordable housing and community development projects, reported over $4.8 billion of lending to finance affordable rental housing projects in 2015. The Bank financed over $1.5 billion more than its closest competitors and also $1.5 billion more than it lent the previous year.
“Few things better demonstrate our commitment to strengthening the communities we serve than our sustained investment in affordable housing,” said Michael Corbat, Chief Executive Officer of Citi. “Strong communities start with real housing options and we are proud to once again be recognized as the leading financier for affordable housing. Last year, we partnered with developers, non-profits and local governments across the nation to help facilitate the preservation and revitalization of thousands of units and we are committed to building upon this record."
Total lending and investing by Citi Community Capital in 2015 was nearly $7.8 billion in affordable housing, education, healthcare and small business activities across 160 U.S. cities. Highlights include a partnership with Turner Impact Capital and Agassi Ventures that will invest up to $1 billion in the development of as many as 130 schools serving over 100,000 students in high-need areas nationwide by 2020. Also, Citi financed the expansion and rehabilitation of the New England Center for Homeless Veterans in downtown Boston and provided $3.2 million in New Markets Tax Credit equity to finance vital community health services provided by the Martin Luther King Jr. Community Hospital for the residents of South Los Angeles.
“This recognition is a testament to the hard work and dedication of our team,” said Richard Gerwitz, Co-Head of Citi Community Capital. “We believe it is important to support the communities in which we serve, a cornerstone of our mission, and we will continue to put capital to work to create and preserve affordable housing throughout the country.”
Reaching over 26,000 subscribers in print and online, Affordable Housing Finance is the only national publication serving owners, developers, managers, and lenders involved in the production and preservation of affordable housing. The full “Top 25 Affordable Housing Lenders of 2015” survey can be found at http://tinyurl.com/hsak37o.
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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