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Citi Commits $60B to Promote Housing Affordability Over Five-Year Period
Citi has unveiled its Blueprint for Housing Opportunity initiative, a $60-billion, five-year housing affordability commitment aimed at increasing the supply of housing through the creation and preservation of at least 250,000 units across the U.S. In addition, the Citi Foundation will deploy $50 million in philanthropic grants to nonprofits addressing housing challenges and supporting the financial health of residents in their communities.
Through the initiative, Citi intends to finance $60 billion in capital over five years for the acquisition, construction, rehabilitation and permanent long-term financing of housing that’s affordable for Americans. The financing will support a broad range of housing types, such as homes for essential workers, developments with supportive services and lower‑cost rental options in expensive markets, according to Citi.
“Housing affordability is one of the defining economic challenges of our time, and increasing supply is essential to addressing it,” said Jane Fraser, chair of the board and CEO. Citi Community Capital, which accounts for most of Citi’s affordable housing activity, financed more than $32 billion in affordable multifamily lending over the past five years.
- ◦Development
- ◦Financing
