Palo Verde will serve formerly homeless veterans and families with low to moderate incomes in a unique way to address critical housing issues.
Closing an Affordable housing transaction can be stressful, complex and time sensitive. At Citi Community Capital we help you get to the closing table by being - Fast. Simple. Certain.
2 parallel challenges facing our urban housing crisis- an abundance of empty buildings & an upsurge in people seeking an affordable place to live - yielding a symbiotic solution.
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 $46 million of financing to finance the new construction of Watson Avenue Apartments, located in the Bronx, New York. The project, which consists of 324 affordable apartments and 2 superintendent’s units, along with 16,000 square feet of commercial space will have 33 of the units set aside for formerly homeless individuals and families.
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.