Citi Turns 200: Citi supports American communities
January 04, 2013 09:00 AM
In celebration of Citigroup's 200th Anniversary, we are sharing stories from our rich history here on this blog. The 37th installment below covers how the bank supported American communities through job creation, small-business finance, and affordable housing initiatives. Read the 36th installment which explains how Citi and the Citi Foundation promoted financial inclusion worldwide, here.
Citi supports American communities
Affordable housing, job creation, small-business finance, and encouraging children to save are just some of the social initiatives that deserve backing
Expanding financial inclusion in the communities where its people live and work is an important part of Citi's culture. Through Citi Community Development (CCD) and Citi Community Capital (CCC), and in partnership with nonprofit and public organizations on the local and national levels, Citi expands access to innovative financial products and services, enabling people to achieve economic empowerment, and to revitalize neighborhoods.
In the United States, Citi Community Capital is an example of responsible and sustainable business practices in action. CCC has deployed more than $20 billion in loans and investments over 10 years. Each dollar is specifically designated to affordable housing development, job creation in low-income areas, small businesses in need of capital, or the revitalization of distressed areas.
In late 2009, Citi proposed an innovative and complex transaction enabling the New York City Housing Authority (NYCHA) to upgrade a large part of its housing stock. After bringing together city, state, and federal stakeholders, in March 2010, Citi was selected by NYCHA to finance a $900-million deal for the rehabilitation of 21 housing projects for 46,048 residents in 21,139 units. The Secretary of the U.S. Department of Housing and Urban Development, Shaun Donovan, pointed out that the number of units involved was equal to the whole of Chicago's public housing stock. At the announcement of the initiative, he hailed the day as "the most important ... in the preservation of public housing in the nation's history."
Through CCD's expanding partnership with Grameen America, underserved entrepreneurs in New York City receive microloans, along with the opportunity to open savings accounts at Citi with enhanced electronic access, minimal or no fees, and conveniences such as ATM access. As of September 2011, Citi had more than 3,000 active Grameen client accounts. In California, CCD and the City and County of San Francisco established Kindergarten to College, the nation's first universal college savings-account program.
These initiatives are complemented by funding from the Citi Foundation to expand the capacity of these organizations to meet the financial inclusion needs of these communities.
In Chicago, CCD and 11 local nonprofits have formed the Chicago Credit Building Coalition, to provide a secured credit card as a credit-building tool to unbanked individuals.
These are just some of the ways Citi builds economic empowerment for the underserved members of society.
*Tagged as: 200yearsciti, america, chicago credit building coalition, citi community capital, citi community development, citi foundation, citi history, grameen america, nycha, new york city housing authority, united states, citi200, job creation