07/31/2018
Citizens Bank Provides $16 Million Letter of Credit for Saratoga Springs Affordable Housing Project
ALBANY, N.Y. – Citizens Bank announced today that its Community Development Group has provided an $16 million letter of credit to Intrada Saratoga Springs LLC, whose sponsor is The Vecino Group, to provide credit enhancements for the issuance of tax-exempt bonds to be used to fund construction of 158 units of new multi-family affordable housing in Saratoga Springs, N.Y.
Of the units, 133 will be restricted to tenants earning up to 60 percent Area Median Income (AMI) and 24 units will be restricted to tenants earning up to 80 percent AMI.
“We greatly value our partnership with Citizens Bank and appreciate the Community Development Group’s market knowledge and excellent execution,” said Rick Manzardo, president of The Vecino Group. “We look forward to continuing to work with the Citizens team as this project reaches its potential.”
“This project meets an important need in the community and Citizens’ leadership is another sign of our strong commitment to supporting affordable housing for New York residents,” said Paul Taffe, president of Citizens Bank, New York.
Since 2013, Citizens’ Community Development Group has committed about $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 $155.4 billion in assets as of June 30, 2018. 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.
