Results tagged as "community development"

  • Community building.

    By Emily Millen, VP, Human Resources, North America Consumer Banking September 03, 2010 10:57 AM

    Some of my colleagues and I recently had the chance to participate in a special Habitat for Humanity build in Bedford-Stuyvesant, Brooklyn. As it was part of Citi's ongoing association with the Mets in their "Teammates in the Community" effort, we worked alongside Mets alumni to help low-income families in need of better housing.

    Sue Andros, who is Co-Chair of the Citi Women's Network, 12 other Citi volunteers and I were put to work helping complete the conversion of four row houses into energy-efficient, affordable condominiums for 16 first-time homebuyers. With us were two of the future purchasers, who like all Habitat clients, are putting in some 300 to 600 hours of their own time on the build. When in place in their new homes, they won't be paying more than 33 percent of their household income on housing. They are also expected to realize savings, and even health benefits, from living in a space built with "green" materials, appliances and construction techniques.

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  • Partnering for community development.

    By Citi June 01, 2010 12:19 PM

    Citi's corporate citizenship is founded on alliances that are long-lasting, comprehensive and constructive. For example, Citi has worked closely with ACCION Texas for more than ten years, as it has grown to have the largest small-business microloan portfolio in the U.S. Our alliance has included: a landmark deal in 2008, in which Citi's Commercial Bank and Citi Microfinance provided a financing structure that enabled ACCION to expand; development of industry-standard technology; ongoing financial support from the Citi Foundation; and ideas and strategic thinking by the Citi Community Development team in Texas.

    Citi also partners with the YWCA of Metropolitan Dallas to help that agency deliver essential financial education. With grant funding from the Citi Foundation and leadership and volunteer support provided by Citi Community Development, the YWCA is able to help many low-income women get access to tax credits and social benefits that can help ensure their well-being and that of their families.

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  • Citi's newest investment in America: $200 million for low-income communities.

    By Vikram Pandit, CEO May 06, 2010 11:38 AM

    Today, Citi is making a major investment in the U.S. economy by launching the $200 million Communities at Work Fund (CWF) -- the largest fund in the nation dedicated to offering financing to small businesses and community service providers in low-income communities.

    The Fund, and our investment in it, are a true reflection of our strong commitment to the communities we serve, and to providing them credit that creates jobs and opportunity.


  • Citi helps finance upgrades to 20,000 New York public housing units.

    By Citi March 16, 2010 05:46 PM

    Citigroup and the New York City Housing Authority struck what's being called a "creative" fix to finance upgrades to 20,000 local public housing units. The tax credit bond deal generates more than $400 million for the developments, in part by unlocking $108 million in previously announced federal stimulus funds as well as $42 million in New York State modernization funds, Mayor Michael Bloomberg's office says. The renovations are also expected to create hundreds of construction jobs.

    The plan capitalizing on private and federal dollars preserves affordable housing. "We want to send a signal to the city where our headquarters is located that we are going to play a much more active role in community development," Citi Community Capital's Andrew Ditton tells Bloomberg News. "This is a showcase for how we can use our financial resources and brain power to create a complex transaction for the public's benefit."

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