Citi Announces New FHA Multifamily Platform
April 23 2015 - 7:59AM
Business Wire
Now a MAP lender, Citi Community Capital has
a complete product suite to finance affordable multifamily
housing
Citi has obtained the Federal Housing Administration (FHA)
Multifamily Accelerated Processing (MAP) Mortgagee designation by
the U.S. Department of Housing and Urban Development (HUD),
offering Citi Community Capital the opportunity to make available
to its clients the fullest range of financing for all multifamily
(properties with five units or more) product types, including
mixed-income and mixed-use development.
Citi Community Capital, the entity which Citi directs to
provide a diverse variety of capital to affordable housing and
community investment projects, will integrate the FHA MAP platform
into its existing loan processing systems and procedures, ensuring
the highest quality in loan originations, underwriting, closing,
construction loan management and servicing. Citi Community
Capital’s mission is to be the preferred financial partner for
affordable housing developers, non-profits and governmental
entities that focus on community development and to invest our
resources with those who share the vision of using housing as the
foundation for lasting social and economic growth across the
country.
Citi reported over $3.2 billion in affordable housing lending
activities across 21 states for 2014, ranking Citi as the #1 lender
of affordable multifamily housing for the sixth consecutive year by
Affordable Housing Finance. In addition, Citi holds the top
position for Freddie Mac's Targeted Affordable Lender program. Citi
is also an active Fannie Mae Delegated Underwriting and Servicing
Affordable Housing Lender and provides construction and permanent
financing for affordable housing using its balance sheet.
"We have built our lending and investing platforms to provide
our clients with financing solutions that fit their specific
needs,” said Richard Gerwitz, Co-Head of Citi Community Capital.
“Those needs can vary based on factors, including project type,
geography or market conditions. Having the ability to provide FHA
MAP lending broadens our capabilities even further, and is part of
our solution-oriented focus to work with communities as they
continue to preserve and transform critical housing efforts.”
As an FHA MAP Mortgagee, Citi will originate and process
applications for FHA’s full suite of multifamily programs,
including the acquisition, refinance and new construction/sub rehab
of affordable and market rate housing. Historically, FHA offers
long-term financing with lower interest rates than other financing
options. Additionally, FHA is the only financing program that
makes available a non-recourse construction loan, making the
program very appealing to developers of affordable new construction
and substantial rehab housing.
“HUD continues to implement new strategies that are targeted
toward affordable housing production and preservation and that are
closely aligned with the Low Income Housing Tax Credit program,”
said Kelly Boyer, Director of Citi Community Capital’s HUD FHA/MAP
program. “As the largest affordable housing lender in the country,
our goals match very closely with those of HUD and our team is
excited to work with the FHA program to serve our clients.”
Citi Community Capital (CCC) is a premier financial partner with
nationally recognized expertise in financing all types of
affordable housing and community reinvestment projects. CCC's
origination, structuring, asset and risk management staff across
the country provides creative financing solutions designed to meet
their clients' needs. CCC helps community development financial
institutions, real estate developers, national intermediaries and
nonprofit organizations achieve their goals through a broad,
integrated platform of debt and equity offerings. Additional
information may be found at www.citicommunitycapital.com.
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management.
Additional information may be found at http://www.citigroup.com
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CitiScott Helfman, +1 212-816-9241
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