Citizens Bank Provides $4.9 Million Loan for Affordable Housing Development
PHILADELPHIA, September 19, 2016 – Citizens Bank announced today that its Community Development Lending Group is providing $4.9 million in construction financing to 1822 Housing, LP, whose sponsor is the Gaudenzia Foundation, Inc., a non-profit providing supportive services for chemically dependent and mentally ill populations.
The loan will provide financing for the construction of 24 new affordable housing units to be known as Tioga Family Center. Three of the units are reserved for tenants at or below 20 percent area median income (AMI), 16 units are for tenants at 50 percent AMI and five of the units are reserved for tenants at or below 60 percent AMI.
“We value our partnership with Citizens Bank and appreciate the Community Development Lending Group’s timely execution and great ideas,” said Michael B. Harle, President and Chief Executive Officer of project developer Gaudenzia Foundation, Inc. “Citizens has a strong commitment to affordable housing and to Philadelphia.”
“We are very pleased to be part of the Tioga Family Center development,” said Daniel K. Fitzpatrick, President of Citizens Bank of Pennsylvania, New Jersey and Delaware. “Citizens is committed to supporting affordable housing and this project meets a critical need in our community.”
For more information, please go to the Citizens Bank website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $145.2 billion in assets as of June 30, 2016. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. In Consumer Banking, Citizens helps its retail customers “bank better” with mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,200 ATMs and approximately 1,200 Citizens Bank branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides wealth management, mortgage lending, auto lending, student lending and commercial banking services in select markets nationwide. In Commercial Banking, Citizens offers corporate, institutional and not-for-profit clients a full range of wholesale banking products and services including lending and deposits, capital markets, treasury services, foreign exchange and interest hedging, leasing and asset finance, specialty finance and trade finance. Citizens operates through its subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania as Citizens Bank, Citizens Commercial Banking and Citizens One. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
SOURCE: Citizens Financial Group, Inc.