09/29/2014
Citizens Financial Group Closes $9.65 Million Construction Loan for Ashton Village
Cumberland, RI affordable housing deal caps first year of bank’s five-year, $1B commitment
PROVIDENCE, RI (September 30, 2014) – Citizens Financial Group announced today that it has closed a $9.65 million Low Income Housing Tax Credit construction loan for Ashton Village L.P. to provide financing for the construction and renovation of affordable housing in Cumberland, RI.
One year ago, Citizens announced a five-year, $1 billion commitment to funding affordable housing and community development projects.
“We are ahead of schedule on this initiative and are pleased to be working with leaders in the communities we serve to provide funding for crucial affordable housing projects,” said Reza Aghamirzadeh, executive vice president and community development director at Citizens. “The importance of affordable housing in our communities cannot be overstated. Our $1 billion 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.”
Ashton Village L.P., an entity formed by Valley Affordable Housing Corp., will use the Citizens construction loan to build 11 new apartment units and renovate 42 existing units at the former workers housing site for Ashton Mill along the Blackstone River. The units will be available to families earning below 50 percent and 60 percent of area median income.
“Citizens recognizes the crucial need for affordable housing in Rhode Island,” said Peter Bouchard, executive director of Valley Affordable Housing Corp. “The Citizens team has been a great partner, providing equity support and construction financing for the Ashton Village project, which will help dozens of Rhode Island families be able to afford a place to live.”
Valley Affordable Housing Corp. is a nonprofit organization formed in 1995 through efforts of the Board of Commissioners of the Town of Cumberland Housing Authority that has completed nearly a dozen affordable housing projects.
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.
