04/11/2019
Citizens Bank Provides $16.8 Million in Financing to the Philadelphia Housing Authority for 83 new units in the Sharswood/Blumberg Community
PHILADELPHIA – Citizens Bank announced today that its Community Development Group has closed on a $16.8 million tax-exempt bond to provide financing to Blumberg Apartments Phase III LP, an entity sponsored by the Philadelphia Housing Authority (PHA).
The loan provides financing for the construction of 83 new units of affordable housing in the heart of North Philadelphia, which represents Phase III of PHA’s Sharswood/Blumberg Choice Neighborhood Initiative. Eleven of the units are reserved for families at 20 percent Area Median Income or below and 72 of the units will be for families at 60 percent AMI or below.
“Citizens Bank shares our strong commitment to providing affordable housing options for Philadelphia residents while working to strengthen Philadelphia’s neighborhoods,” said Kelvin A. Jeremiah, President and CEO of PHA. “We cannot do this work alone and that is why partners such as Citizens are important.”
“This project meets an important need in the community and Citizens’ leadership is another sign of our dedication to strengthening our communities and to supporting affordable housing for Philadelphia residents,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid-Atlantic Region and Head of National Industry Verticals.
Since 2013, Citizens’ Community Development Group has committed more than $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.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $160.5 billion in assets as of December 31, 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 2,900 ATMs and approximately 1,100 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.
