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In Sioux Falls, Citi Marks 20 Years as a Leader in Affordable Housing

August 02, 2013
Mary Entinger, Executive Director, CitiHousing, Inc.

Access to safe, stable and affordable housing is a key component of livable communities. And while that work is ongoing, yesterday in Sioux Falls, South Dakota, Citi CEO Mike Corbat joined local employees and partners to celebrate CitiHousing's 20-year record of innovative community problem-solving for low- and moderate-income families, our seniors, the homeless and people with disabilities.

Since 1993, CitiHousing has been increasing both the quantity and the quality of affordable housing here in South Dakota. The organization has provided more than $119 million in equity funding, helping to build or renovate nearly 2,700 units of affordable housing in Sioux Falls and 16 other local communities. Thanks to CitiHousing and the commitment of our partners in the private, public, and nonprofit sectors - many of whom joined us today - hundreds of South Dakota families now have the kind of housing they need and deserve.

It's important to note that this isn't philanthropy. Since its creation, CitiHousing has purchased approximately 40 percent of the tax credits awarded by the state of South Dakota and more than 70 percent of the tax credits awarded to projects here in Sioux Falls. While there is a critically important community benefit, we also are able to generate a modest return through these financing activities. This is the sweet spot of what a bank can do: leveraging the strength of our business and the expertise and dedication of our people to benefit our communities and our clients.

And while CitiHousing is remarkable, it is very much consistent with the way Citi has engaged with the Sioux Falls community since we first established a presence here in 1981. Mayor Mike Huether, himself a former Citibanker, recently commented that Citi taught Sioux Falls "how to think big." I don't think many companies can claim that same legacy. We're proud of that, and very pleased about our ongoing work with many great local housing partners on projects that have a deep and positive impact on the city.

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