Citi has launched its $60 billion Blueprint for Housing Opportunity, a five-year endeavor designed to create and preserve at least 250,000 housing units nationwide.
The New York City-headquartered banking giant also announced that the Citi Foundation will deploy $50 million in philanthropic grants to nonprofits addressing housing challenges and supporting the financial health of residents in their communities, starting with a $1 million grant to support the Center for Affordable Housing Lending, the research partner to the National Association of Affordable Housing Lenders. This grant will help establish the Housing Supply Research & Fellowship Program to tackle challenges that are top of mind for policymakers and the housing finance community.
“Housing affordability is one of the defining economic challenges of our time, and increasing supply is essential to addressing it,” said Jane Fraser, CEO and board chairwoman of Citi. “By expanding the amount of financing we provide for affordable housing, we open possibilities for prosperity, helping more Americans secure housing they can truly afford. When people spend less on housing, they have more to invest in their families and futures.”
“The causes for the shortage of quality, affordable housing are complicated but ultimately come down to the imbalance of supply and demand,” added Edward Skyler, head of enterprise services and public affairs and chairman of the Citi Foundation. “Increasing supply is where our financial capabilities can make the greatest impact and, through this commitment, we are significantly increasing the capital we are putting to work. We also recognize that housing is a critical building block for financial progress. That’s why we’re also providing philanthropic support to help people access the financial tools, services and opportunities they need for economic and housing security.”
