05/23/2022
Citizens supports rehabilitation of affordable housing in Western Massachusetts
PROVIDENCE, R.I. – Citizens announced today that its Community Development Group closed on a $15.6 million tax-exempt bond transaction to provide construction financing to Caleb Mohawk Limited Partnership, whose sponsor is The Caleb Foundation, Inc. The funds will be used for tenant-in-place rehabilitation of 190 units of affordable housing at Mohawk Forest in North Adams, MA.
One hundred and thirteen units are reserved for tenants at or below 30 percent (Area Median Income), 28 units are reserved for tenants at or below 50 percent AMI, 36 units for tenants at or below 60 percent AMI, six units for tenants at or below 80 percent AMI, four units for tenants at or below 100 percent AMI and three units are market rate.
“Citizens has a strong commitment to our communities and our support of quality affordable housing is a core element of that commitment,” said Lisa Murray, Massachusetts President, Citizens. “Projects such as Mohawk Forest help provide needed affordable housing and support for families in North Adams.”
Citizens’ Community Development Group is committed to improving the economic vitality of our communities and the financial acumen of our fellow citizens. The Group has committed more than $4 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 25,500 new or rehabilitated housing units and the development of more than 520,000 square feet of commercial space in low- and moderate-income communities served by Citizens. Through Citizens’ Financial Education Community Ambassador program, colleague volunteers have delivered Financial Education sessions to more than 121,300 fellow citizens.
For more information, please go to the Citizens website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $192.1 billion in assets as of March 31, 2022. 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 full-service customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.
# # #
