03/09/2018
Citizens Bank Provides $9.5 Million in Financing for Affordable Housing Project
PHILADELPHIA – Citizens Bank announced today that its Community Development Group has provided $9.5 million in bond financing to the NewCourtland Apartments at Henry Avenue Phase 1, LP, an entity sponsored by NewCourtland Senior Services, a division of The Presbyterian Foundation for Philadelphia, a non-profit organization.
The loan provides financing for the acquisition and adaptive rehabilitation of the former Youth Study Center into 49 units of affordable housing for seniors. Five of the units will be available to tenants at or below 20 percent Area Median Income (AMI), 25 to tenants at or below 50 percent AMI and 19 units are available to tenants at or below 60 percent of AMI.
“NewCourtland is proud to bring our vision of a vibrant senior community with affordable housing and supportive services to life on this campus. We are also grateful for the strong support we have received from local community groups, elected officials, and industry partners, such as Citizens Bank,” said Gail Kass, president and CEO of NewCourtland Senior Services. “We greatly value our partnership with Citizens Bank and appreciate the Community Development Group’s market knowledge and excellent execution.”
“This project meets an important need for senior housing in the community and Citizens’ leadership is another sign of our strong commitment to supporting affordable housing for Philadelphia residents,” said Daniel K. Fitzpatrick, president, Pennsylvania, New Jersey and Delaware, 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 advisor, 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 1,150 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.
