02/09/2018
Citizens Bank Provides $8.6 Million in Financing for Affordable Housing Project
GENESEO, NY – Citizens Bank announced today that its Community Development Group has provided $8.6 million in financing in participation with Community Preservation Corporation to DePaul Geneseo LP, an entity sponsored by DePaul Properties, Inc., a non-profit developer based in Rochester, N.Y., for the construction of 60 units of affordable housing on Megan Drive in Geneseo, N.Y.
All of the units will be available to tenants at or below 60 percent of Area Median Income; however, 30 of the units are set aside for persons with development disabilities and covered by a state rental subsidy.
“We greatly value our partnership with Citizens Bank and appreciate the Community Development Group’s market knowledge and excellent execution,” said Mark Fuller, president of DePaul Properties, Inc. “We look forward to continuing to work with the Citizens team as this project reaches its potential.”
DePaul Properties, a progressive, private not-for-profit organization founded in 1958, is committed to providing quality services including assisted living services for seniors; residential and support services to persons with mental illness in recovery, some of whom have a history of homelessness; addiction prevention and support services, vocational programs and affordable housing. DePaul serves more than 5,000 people each year in nearly 50 program sites located in 10 counties in Western New York, nine counties in North Carolina and one county in South Carolina.
"At CPC our goal is to create a positive impact by investing in housing projects that strengthen communities and serve those most in need,” said Michael Skrebutenas, senior vice president and regional director, the Community Preservation Corporation. “My thanks to our long-time partners at DePaul and our lending partners at Citizens Bank for their collaboration and commitment to bringing much needed affordable housing to the Geneseo community."
“This project meets an important need in the community and Citizens’ leadership is another sign of our strong commitment to supporting affordable housing for some of our most vulnerable Western New York residents,” said Ted Smith, Western New York regional executive, Citizens Bank.
Since 2013, Citizens’ Community Development Group has committed nearly $2 billion in loans and investments to support the development and rehabilitation of affordable housing units and economic revitalization activities in our communities. These efforts have resulted in more than 15,000 new or rehabilitated housing units and the development of more than 400,000 square feet of commercial space in low- and moderate-income communities served by Citizens.
Citizens is a trusted strategic and financial adviser, consistently delivering clear and objective advice. The Citizens Commercial Banking approach puts clients first by offering great ideas combined with thorough market knowledge and excellent execution to help our clients enhance their business and reach their potential.
For more information, please go to the Citizens Commercial Banking website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $152.3 billion in assets as of December 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. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,200 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. 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 rate products, and asset finance. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
