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 Community provided a $17.8 million construction and a Freddie Mac unfunded forward commitment for up to $11 million perm financing for the Texarkana RAD transaction, a 294-unit multi-property affordable multifamily project located in Texarkana, TX.
Citi Community Capital closed a $13.6 million financing to renovate four affordable housing complexes containing 153 units. The buildings are the 66-unit Schoolhouse Apartments – buildings A & B, which was the Illinois Avenue School and the Boys Vocational School in the early 1900s; the 20-unit Disston Apartments, a YMCA widely used by the black community in the early 20th century; and the 67-unit Liberty Apartments, in the former Liberty Hotel that catered to the African American community in the early 20th Century.
Citi financed a $44.4 million new construction loan to build 50 Penn, a 9-story affordable housing development with first floor retail in Brooklyn. The building will be built to Enterprise Green standards and 42 of the 218 units are reserved for residents that have been formerly homeless. In addition to onsite support for the formerly homeless residents the property will be participating in the FRESH program that promotes the establishment and expansion of grocery stores in underserved communities.
Citi Community Capital provided a $28.35 million construction to permanent loan to finance the acquisition and construction of the Sphinx at Sierra Vista Senior Villas, a 272-unit newly constructed affordable multifamily project located in Fort Worth, TX. All of the units have been reserved for seniors with incomes less than 60% of the area median income with 14 of the units further reserved for formerly homeless residents with disabilities.