Results tagged as "citi community development"

  • A new model for affordable homeownership in NYC

    By Maria Torres-Springer, Commissioner, New York City Department of Housing Preservation and Development, Christie Peale, CEO & Executive Director, Center for New York City Neighborhoods and Bob Annibale, Global Director, Citi Community Development and Inclusive Finance January 11, 2018 09:15 AM

    For the vast majority of New Yorkers, the American Dream of owning a home is simply beyond reach. But a citywide collaborative of non-profit affordable housing organizations, with support from Citi Community Development, is working to bring affordability back to New York City neighborhoods.

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  • Citi Turkey and Inclusive Finance: Driving Inclusive Economic Progress by Deepening Client Supply Chains

    By Monika Jonusauskiene, Vice President, Citi Inclusive Finance, and Mert Eren, Vice President, Citi Commercial Bank, Citi Turkey November 27, 2017 01:45 PM

    Turkey is the world’s largest exporter of dried fruits and nuts; its agriculture industry employs roughly 15 million people, nearly half of which are women. So if you’ve bought a package of dried figs or dates recently, they probably originated from Turkey. And if the fruit you bought was organic, or if you bought it from a large supermarket in the U.S. or Europe, the supplier was very likely Işık Tarım – one of Turkey’s leading organic produce manufacturers, a Citi Commercial Bank Turkey client, and the first non-financial institution to receive financing through Citi’s partnership with the U.S. Government’s Overseas Private Investment Corporation (OPIC) under its Global Inclusive Finance Framework.

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  • Kindergarten to College: Placing Higher Education within Reach

    By José Cisneros, San Francisco Treasurer and Bob Annibale, Global Director of Citi Inclusive Finance October 19, 2017 04:00 PM

    One in three San Francisco children are born into families with almost no savings. However, when families save as little as $500 for higher education, their children are three times more likely to go to college.

    Six years ago, we set out to do the inconceivable: collaborate to develop a platform to support a program that would enable every family in the San Francisco public school system to put money away for their children’s education. To achieve this goal, Citi collaborated with the City and County of San Francisco, and the San Francisco Unified School District, to launch Kindergarten to College (K2C) -- the first publicly funded, universal children’s savings account program in the United States.

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  • Building Credit = Building a Better Boston

    By Trinh Nguyen, Director, Mayor’s Office of Workforce Development and Office of Financial Empowerment, Boston July 12, 2017 02:00 PM

    In the latest in Citi Community Development’s Inclusive Cities Series, Trinh Nguyen from Boston's Office of Workforce Development and Office of Financial Empowerment discusses the new Credit Building Initiative for Young Working Adults.

    Nayshia Scott, a 21-year old single mother living in Boston, Massachusetts, had a seasonal job and no credit score.

    Nayshia is one in 26 million people – 11 percent of all adults in the U.S. -- who are “credit invisible,” meaning that they do not have a credit record on file at one of the three nationwide credit reporting companies. When borrowers lack a credit record, lenders have a harder time assessing the creditworthiness of applicants who then often find it difficult or even impossible to obtain safe, affordable credit.

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  • Providing Vital Services to Homeowners in Puerto Rico

    By Guillermo Gómez, Citi Puerto Rico Country Officer, and Lily Lopez, Senior Vice President, Citi Community Development June 27, 2017 04:00 PM

    In the U.S., unemployment is low and economic growth is on the rise. Unfortunately, the same can’t be said about the current state of economic affairs in Puerto Rico, where 11 percent unemployment[1], declining wages[2] and the looming prospect of a $70 billion debt default have touched every aspect of daily life for citizens of the Commonwealth of Puerto Rico.

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  • How Technology is Empowering Students in Chicago to Build Bright Financial Futures

    By George Wright, Midwest Region Director, Citi Community Development February 06, 2017 12:00 PM

    Research shows that one of the primary reasons students do not enroll or fail to complete college, even after they have already been accepted, is an inability to manage the newfound financial stresses associated with higher education.

    College tuition has eclipsed median incomes, rising even as salaries have remained stagnant. But the value of a college degree remains significant, as college-educated workers earn 70% more than non-college-educated peers.

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  • EITC Awareness Day: Tax Services for New Yorkers

    By Lorelei Salas, Commissioner, New York City Department of Consumer Affairs (DCA) and Eileen Auld, Tri State Market Director, Citi Community Development January 27, 2017 04:00 PM

    Tax season is a stressful time for many. However, for low-income workers, the cost of tax preparation is often greater than they should bear – and many leave thousands of dollars in tax refunds they have earned on the table.

    Every year, households in New York City spend on average about $150 to $250 on tax preparation. They pay for these services primarily for the peace of mind that they offer that they are filing correctly and taking advantage of all available credits. But low-income households on average pay up to twice as much for the same service, despite the fact that there are many free high-quality options available.

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  • Connecting Immigrant Entrepreneurs with Tools to Succeed

    By Gregg Bishop, Commissioner, New York City Department of Small Business Services November 14, 2016 10:00 AM

    One third of New Yorkers are immigrants, yet they own half of all small businesses in the city.

    In the face of language, cultural, financial, and other barriers foreign-born residents face to make those businesses succeed, their rate of entrepreneurship outpaces the general population.

    That passion and grit is the hallmark of what makes each immigrant an instant New Yorker – and a welcome addition to our city. Despite this resiliency, there are challenges that remain for many immigrant New Yorkers when they hope to launch a small business.

    The New York City Department of Small Business Services (SBS), with the support of Mayor Bill de Blasio, is committed to supporting the entrepreneurial dreams of immigrants, as we do for all New Yorkers. Immigrant entrepreneurs are creating jobs for themselves, their families and communities, which are critical to a vibrant local economy. This is why our department was proud to partner with the mayor and Citi Community Development to launch the Immigrant Business Initiative.

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  • Working Together to Serve those who have Served

    By Marcia Saunders, Managing Director, Securities Services, Citi and NASI Senior Sponsor November 08, 2016 10:45 AM

    At Citi, we pride ourselves on our diverse culture and on the wide range of programs and employee volunteer opportunities we have to promote diversity and inclusion across the company. The North American Service Initiative (NASI), which partners with local veteran service organizations (VSO’s) to assist veterans and current service members in their local communities, is part of the company-wide Citi Salutes initiative, which connects veterans with Citi’s broad range of services geared to the military community. These services include opportunities for career advancement and partnerships with leading veteran service organizations and innovative banking services.

    Founded on Veterans Day in 2010, NASI and its hundreds of volunteers actively provide hands-on support for local veteran causes and programs. Supported by Citi Community Development, NASI has, for example, organized networking mixers for homeless veterans in Jacksonville, Florida, and bike builds in New York. The NASI network encompasses eight U.S. Citi locations and has impacted more than 13,000 veterans to date in 2016. By building relationships and working with local non-profits and VSOs, NASI volunteers have made a difference in their local communities for the past six years.

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  • Citibanamex: Inclusive by Design

    By Ernesto Torres Cantu, Chief Executive Officer, Citibanamex, and Bob Annibale, Global Director, Citi Inclusive Finance November 02, 2016 10:00 AM

    When Citi announced a US$1 billion investment in Citibanamex – proof of Mexico’s significant role in the bank’s global strategy – we made sure that this investment would be sustainable through the creation of a business unit dedicated to financial inclusion.

    Mexico’s residents face significant hurdles to financial inclusion. According to the 2015 Financial Inclusion National Survey, while 8 million adults have opened a bank account for the first time, approximately 38 million remain unbanked. That means more than half of the country’s adult population is cut off from the mainstream banking system. As a result, advances in financial technology are not improving economic outcomes. For instance, just 9.5 percent of adults are using mobile banking, even though 75 percent have a mobile phone.

    The Mexican government has taken significant and meaningful steps to expand access, especially with the launch of the National Financial Inclusion Strategy. But these steps are enhanced by partnership with the private sector – and Citi’s investment shows our commitment for the long haul and a formal alignment with Mexico’s national plan.

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