Financing affordable housing in New York City.

A much-needed affordable housing development for low-income seniors in Brooklyn, New York, financed in part by Citi, is now open and occupied. The development, known as Crown Heights Apartments, has services such as home care, meals and transportation to enable elderly residents to "age in place."

New York City has been on a major push to create and preserve more affordable housing. The city's initiative hit a milestone in May by completing the 100,000th unit towards its goal of creating or preserving 165,000 additional affordable homes before 2014. "We're proud to support the development of affordable housing for New York residents across the demographic spectrum," said Eileen Auld, State Director for Citi Community Development, "and the Crown Heights Apartments for seniors is a wonderful addition. Through our long-standing partnerships with the New York City Housing Development Corporation (HDC) and other agencies and nonprofits, we've been able to have a significant impact. Economic empowerment starts with having a decent, affordable place to live, and Citi will continue working hard to help provide affordable housing for underserved New Yorkers."

Citi Community Capital (CCC), the community development lending and investment arm of Citi, is an active lender and investor in New York, having financed more than 22,000 affordable housing units since January 2008. In the case of the Crown Heights Apartments, CCC provided a $22.4 million Letter of Credit to support a tax-exempt bond issue by the HDC. CCC also guided the developers, SKA Marin and Local Development Corporation of Crown Heights, on their financing strategy early in the process. Other funds for the development came from The New York City Department of Housing Preservation and Development (HPD), Boston Financial Investment Management and the New York City Council.

At the ribbon-cutting ceremony earlier this summer, HDC President Marc Jahr said, "We are able to do this because our partners are both experienced and capable, and share our vision of creating affordable housing opportunities for a wide range of New Yorkers, from the most vulnerable and neediest individuals and families to the middle class - our cops and firefighters and teachers. No one, particularly someone on a fixed income, should have to make the choice between paying the rent and buying food. The senior citizens who will make Crown Heights Apartments home will be secure in the knowledge that this is a choice they will never have to make."