Bank Deploys $200 Million of Equity to Affordable and Workforce Housing Projects with Black Investment Managers.
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 provided a $29.44 million construction loan and a $7.15 million permanent loan for Casa Paloma, a 71-unit apartment complex located in Midway City, Orange County, CA. The apartments will be reserved for residents with incomes of 30% - 50% of the Area Median Income. Additionally 48 of the units will be reserved as permanent supportive housing for formerly homeless tenants with mental illness and/or frequent health issues. Casa Paloma will be constructed using modular construction ensuring a lower cost and faster delivery of the finished complex.
Citi Community Capital provided a $28 million construction loan and a $20.4 million permanent loan to finance the acquisition and rehabilitation of The Ericsson Apartments, a 240-unit project located in Akron, OH. The property will be renovated with new kitchens and baths along with extensive exterior and interior upgrades while preserving the affordability of the units for an additional 20 years through a HAP contract for all units.
Citi provided a $20 million construction loan and entered into an $8.5 million Freddie Mac Unfunded Forward Commitment for the new construction of Willows at Flemington Junction South, a 100-unit affordable family apartment community to be built in Flemington, NJ. The development’s 100 units will be set-aside for households with incomes ranging from 20% to 60% of Area Median Income with 5 of the units set-aside for formerly homeless households with incomes no greater than 20% of AMI. Onsite services will be provided to the formerly homeless population to facilitate linkages to residential, medical, vocational, and recreational support and opportunities based on individual needs, choices, and assessments.
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.