10/05/2014
Citizens Financial Group Closes $6.6 Million Construction Loan for Stadium Estates
Rochester, NY affordable housing deal caps first year of bank’s five-year, $1B commitment
ROCHESTER, NY (October 6, 2014) – Citizens Financial Group announced today that it has closed a $6.6 million Low Income Housing Tax Credit loan for Josana Stadium LLC to provide financing for the construction of affordable housing in Rochester, N.Y.
Josana Stadium LLC, whose co-developers are Rochester Cornerstone Group Ltd and Charles Settlement House, Inc., will use the loan to provide construction financing for 45 units of affordable housing known as Stadium Estates to be located in the northwest quadrant of Rochester, including several lots directly across from Sahlen’s Stadium.
The development will provide 27 units of affordable housing for families with incomes at or below 50 percent of the area median income (AMI) and 18 units for families at or below 60 percent AMI. The 3-, 4- and 5-bedroom units are part of a program designed to offer a pathway to family home ownership.
“The Citizens team recognizes the need for affordable housing in Rochester,” said Roger Brandt, president of Rochester Cornerstone Group. “Citizens has been a great partner, providing equity support and construction financing for the Stadium Estates project, which will provide dozens of Rochester families with an improved quality of housing, as well as the path toward home ownership that otherwise may not have been possible.”
“We are pleased to be working with leaders in the communities we serve to provide funding for important affordable housing developments such as Stadium Estates,” said Jim Gaspo, president of Citizens Bank, New York. “Our commitment to affordable housing complements the bank’s charitable program, Citizens Helping Citizens, which addresses the key areas of hunger, economic development, financial education and volunteerism as well as housing.”
One year ago, Citizens announced a five-year, $1 billion commitment to fund affordable housing and community development projects. Since the beginning of 2013, Citizens has made more than $400 million in community development loans and investments.
Construction of Stadium Estates, which is expected to last a year, will create 65-75 jobs, Brandt said. A groundbreaking is scheduled for Monday, Oct. 6.
About Citizens Financial Group, Inc.
Citizens Financial Group Inc. is one of the nation’s oldest and largest financial institutions, with $130.3 billion in assets as of June 30, 2014. Headquartered in Providence, Rhode Island, the company offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Consumer Banking 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 and Charter One branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Citizens also provides mortgage lending, auto lending, student lending and commercial banking services in selective markets nationwide. Citizens Commercial Banking 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 via subsidiaries Citizens Bank, N.A., and Citizens Bank of Pennsylvania. Additional information about Citizens and its full line of products and services can be found at www.citizensbank.com.
