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M&T RCC, City First Join Hands to Provide Affordable Housing
Baltimore-based M&T Realty Capital Corporation (M&T RCC) and DC-based City First Bank have established a correspondent relationship to expand lending options for multifamily housing projects.
City First Bank, the largest Black-led Minority Depository Institution in the U.S., will gain access to M&T RCC’s Fannie Mae DUS, Freddie Mac Optigo, and FHA lending capabilities. This partnership will provide City First Bank’s borrowers, primarily minority developers and investors, with additional competitive products and terms, fostering affordable housing development and retention.
In 2022, City First Bank provided $173 million in new multifamily affordable housing loans to create or preserve 1,463 units and also lent $61 million to 19 African-American-owned or -led organizations.
- ◦Financing
