"Citi was the natural partner because they were able to come with the resources; both the capital resources and also the human resources."
- Andrew McCawley, President and CEO, New England Center and Home for Veterans
"We are excited to have the opportunity to execute on more highly impactful community development projects across the country!"
Gina Nisbeth, Director, Citi Community Capital
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.
Closed a $19 million letter of credit to finance the acquisition and renovation of Project Hope, a 100-unit affordable seniors development in the Bronx. The financing will provide upgrades to the property and preserve the affordability of the senior apartments for an additional 30 years.
Financed the acquisition and rehabilitation of Carlton Country Club Villas, a 130-unit multi-family affordable housing project located in San Diego County. Citi's $48 million construction loan financing alongside a $32.7 tax-exempt permanent loan financing will preserve the affordability of the apartments and continue the onsite services such as childcare, education and health classes for an additional 15 years.
Provided a $40.7 million construction to permanent loan to build an 191-unit affordable housing development in Snoqualmie, WA. The 10 two to four story buildings are part of the master-planned community of Snoqualmie Ridge and the below market rents will be set aside for residents with incomes at 60% of the area median income.
Closed a $38.5 million construction to permanent loan to finance the tenant-in-place rehabilitation of Villa de Guadalupe Apartments, an existing 101-unit affordable senior (62+) property. The apartments will be income restricted at 35% - 50% of Area Median Income and the affordability of the apartment units will be preserved for an additional 55 years.