06/07/2017
Citizens Bank Makes $8 Million Loan to Provide Affordable Housing
PHILADELPHIA – Citizens Bank announced today that its Community Development Lending Group is providing an $8 million construction loan to Mission First Housing Group, Inc. to develop the Haddington III project, which will rehabilitate 48 affordable housing units in West Philadelphia.
Mission First Housing Group is a family of nonprofit corporations that currently provides affordable housing and services to more than 4,000 people in over 3,000 units, serving vulnerable populations that include families, veterans, elderly and the disabled. Haddington III represents a collaboration between Mission First and ACHIEVEability, an experienced, non-profit supportive housing provider for homeless families in the City of Philadelphia. The organizations entered into a strategic alliance together in 2015.
The project involves the substantial rehabilitation of 10 two-bedroom; 33 three-bedroom; and five four-bedroom units for formerly homeless families with incomes at or below 60 percent area median income (AMI). In partnership with the Philadelphia Housing Authority, Mission First was awarded Project-Based Vouchers under the Rental Assistance Demonstration program, which will provide subsidies for all units in the development, making these homes affordable to the lowest income families.
“We greatly value our new partnership with Citizens Bank and appreciate the Community Development Lending Group’s flexible and seamless execution,” said Alfredo de la Peña, CEO of Mission First Housing Group, Inc. “Mission First recognizes Citizens’ strong commitment to affordable housing in Philadelphia, and we value our partnership with the bank.”
“This project meets a critical need in the Philadelphia community and Citizens’ involvement is another sign of our commitment to supporting affordable housing,” said Daniel K. Fitzpatrick, president of Citizens Bank, Pennsylvania, New Jersey and Delaware.
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 $150.3 billion in assets as of March 31, 2017. 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.
