50 Penn provides supportive services to formerly homeless and frail elderly households.
March 18, 2021 2 pm ET
Citi Community Capital (CCC) provides a suite of financial products to help affordable housing developers construct, rehabilitate, refinance, and acquire affordable multifamily housing across the country. Committed to the communities we serve, CCC finances both straightforward and highly structured transactions for non-profit and for-profit affordable housing developers, Community Development Financial Institutions, and state and local government agencies.
Our financings may employ a combination of taxable and tax-exempt loans or bonds; Low Income, Historic or New Markets Tax Credits; and government and private subsidies. CCC can provide capital directly or as an intermediary. We are a construction lender and a permanent lender, a Fannie Mae and Freddie Mac lender, and principal in unique equity investments – all designed to improve neighborhoods, create jobs, or improve the health care services or educational opportunities available to the communities we serve.
Citi offers competitive financing products to help developers with the construction and rehabilitation of affordable multifamily housing. Citi Community Capital offers a "one stop" shop and seamless financing execution for our developer clients. Products include:
As a Fannie DUS lender, Citi provides fixed rate and adjustable rate financing products for the acquisition, refinancing, and moderate rehabilitation of affordable multifamily housing.
As a Freddie Mac Targeted Affordable Housing (TAH) Seller/Servicer, Citi provides fixed rate and adjustable rate financing products for the acquisition, refinancing, and moderate rehabilitation of affordable multifamily housing.
Citi Community Capital provided a $55.3 million construction loan and a Freddie Mac unfunded forward commitment of $47.3 million in permanent phase financing for 2400 Bryan transaction, a 217-unit newly constructed mixed-income multifamily project. The mixed income development will have apartments set aside for residents from 30% of the Area Median Income up to market rate rents.
Citi closed a $13.25 million construction loan to a $4.05 million permanent financing to build Grove at Sweetwater Preserve, a 100% affordable 96 –unit apartment complex. The new units will be offered first to previous residents of Woodland Park that were displaced prior to demolition of the old units. Resident enhancement amenities at The Grove at Sweetwater Preserve will include literacy training, employment assistance and a family support coordinator, among others.
Citi provided $22 million for a construction and permanent loan for the renovation and rebuild of Hallmark House, a 72- unit affordable apartment complex severely damaged by a fire in 2013. Once complete the 72 units will be reserved for tenants with incomes 50% - 60% of the Area Median Income.
Citi provided a $61.85 million construction loan and a $32.55 million permanent loan for the financing of the new construction of Cedar Crossing, a 254-unit apartment complex. The mixed income property will have units reserved for tenants with incomes ranging from 30% - 60% of the Area Median Income with some of the units additionally reserved for formerly homeless woman and families along with units marked for veterans.. Supportive services include on-site staff that connect residents with existing resources in the surrounding community to help them maintain stable housing, improve their economic situation and work towards self-sufficiency.