Citi Solidifies its Position as Americas Largest Affordable Housing Lender

Record Year: Bank Provides Over $6 Billion to Finance Affordable
Housing Projects in 2018

Milestone Marks Ninth Consecutive Year that Citi has Achieved this

NEW YORK–(BUSINESS WIRE)–Citi maintained top position as the largest affordable housing lender in
the Country, according to Affordable Housing Finance (AHF) Magazine’s
annual survey of affordable housing lenders. This marks the ninth
consecutive year that Citi has earned this distinction. Citi Community
Capital, the bank unit through which Citi works to finance all types of
affordable housing and community development projects, reported over $6
billion of lending to finance affordable rental housing projects in
2018, the most in a single year since AHF began tracking lending
activity in the sector.

“Safe, high-quality affordable housing drives economic growth and builds
vibrant communities,” said Michael Corbat, Chief Executive Officer of
Citi. “The over 36,000 affordable units that Citi financed last year
provided much-needed housing where it’s most essential and we are proud
to achieve this recognition for the ninth straight year. We look forward
to continuing to partner with our clients to strengthen the communities
we serve in the U.S.”

Total lending and investing by Citi Community Capital in 2018 was over
$8.2 billion in affordable housing, education, healthcare and small
businesses across 248 U.S. cities. Recent transactions included $125
million in construction financing for New York City Housing Authority’s
Baychester and Murphy complexes in the Bronx. The 722-units of public
housing will be renovated and converted into Section 8 housing. Citi
also provided $31 million for the construction of Blue Flame Apartments.
The former office building located in El Paso, TX was originally
constructed in 1954 and will be renovated into 120 affordable
apartments. In addition, Citi provided funding for the construction of
the 57-unit RISE Apartments located in Los Angeles, CA. This special
needs project for homeless and homeless veterans will include affordable
housing and onsite supportive services for its residents.

“Affordable housing continues to be a major issue across the country,”
said Richard Gerwitz, Co-Head of Citi Community Capital. “We take great
pride in helping local and state government, as well as the development
community, preserve and increase the supply of affordable housing with
creative financing solutions.”

Reaching over 27,000 subscribers in print and online, Affordable Housing
Finance is the only national publication serving owners, developers,
managers, and investors involved in the production and preservation of
affordable housing. The full “Top 25 Affordable Housing Lenders of 2018”
survey can be found at

Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management.

Additional information may be found at
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Media Contact:
Scott Helfman
+1 212-816-9241

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