of supply and demand. Increasing supply is where our financial capabilities can make the greatest impact, and, through this commitment, we are significantly increasing the capital we are putting to work,” said Edward Skyler, head of enterprise services and public affairs and chair of the Citi Foundation. “We also recognize that housing is a critical building block for financial progress. That’s why we’re also providing philanthropic support to help people access the financial tools, services and opportunities they need for economic and housing security.” Financial Capital Financing affordable housing can be complex. Rising construction and operating costs often create additional challenges for lenders and developers. With this commitment, Citi will deploy its financial capital to help leading developers and government entities build and preserve affordable units for Americans. Citi has supported affordable multifamily housing for decades by providing equity, acquisition and construction loans, and permanent financing, along with structuring expertise. Citi’s partnerships with for-profit developers, local governments, community development finance institutions and other non-profit developers have been critical to these efforts, reflecting a deep commitment to strengthening communities across the country. “Housing gets built when there’s certainty of capital, clarity of execution and partners who stay the course,” said Rafael E. Cestero, chief executive officer of the Community Preservation Corporation (CPC). “That’s where market-based solutions led by institutions like Citi make a difference. As a mission-driven organization focused on leveraging capital to strengthen communities, CPC understands that with the right financial partners, developers not only can 19
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