Citi Recognized as an Eleven-Time Industry Leader in Affordable Housing

Bank Provides Over $7 Billion to Finance Affordable Housing Projects in 2020.

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Citi Establishes Affordable Housing Preservation Program with Emerging Managers

Bank Deploys $200 Million of Equity to Affordable and Workforce Housing Projects with Black Investment Managers.

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Webinar: Large Cities, Large Problems, Creative Housing Solutions in a Landscape Changed by the Pandemic

March 18, 2021 2 pm ET

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Lower Cost and Flexible Delivery Schedule Finance Affordable Housing in San Francisco

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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 Balance Sheet Products

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:

  • Construction Loans
  • Permanent Loans
  • Construction to Permanent Loans
  • Acquisition Loans
  • Bridge Loans

Fannie Mae

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.

  • Acquisition Financing
  • Moderate Rehabilitation
  • Refinancing
  • Bridge Financing

Freddie Mac

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.

  • Acquisition Financing
  • Moderate Rehabilitation
  • Refinancing
  • Bridge Financing

Investment Banking

  • Tax-Exempt and Taxable Municipal Bonds
    • Tax Exempt Private Activity Bonds
    • Tax Exempt 501(c)(3) Bonds
    • Taxable Municipal Bonds
  • Credit Enhanced, Pass-Through, and Escrow Secured Structures - Enhancements by:
    • Fannie Mae
    • Freddie Mac
    • Letter of Credit from rated banks
    • Federal Home Loan Bank wraps
  • Fixed Rate and Variable Rate
    • Fixed Rate Options include Term Bonds, Serial Bonds, Mandatory Tender with Rate Reset
    • Variable Rate with weekly or other reset options
  • Long-term and Short Term
    • Long Term Maturities of 1 – 30 years
    • Short Term Maturities 1- 13 months
  • Remarketing Services
    • Fixed Rate Remarketing upon Mandatory Tender
    • Remarketing of Variable Rate Demand Bonds

Tax Credits

  • Low Income Housing Tax Credit (LIHTC) Equity
  • New Markets Tax Credit (NMTC) Equity
  • Historic Tax Credit (HTC) Equity

Community Development

  • Structured Loan Facilities
  • Equity Investments

Orange County, CA

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.

Akron, OH

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.

Flemington, NJ

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.

Seattle, WA

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.

Citi Community Capital

2021 | Affordable Housing Snapshot