RBS Citizens makes five year, $1 billion commitment to community development

O’Neil Apartments, Troy, NY - RBS Citizens has made a $4.2 million LIHTC equity investment through its proprietary fund with Stratford Capital Group to support a development sponsored by the New Jersey-based Toporovsky organization. The investment facilitates the acquisition and rehabilitation of 123 affordable housing units for seniors and tenants with special needs.

With many US communities still grappling with the impacts of the slowly recovering economy, RBS Citizens Financial Group (RBSCFG) today announced a commitment to provide $1 billion in funding for affordable housing and community development projects over the next five years. The loans and investments made through this program are part of the bank’s ongoing efforts to provide communities with innovative products and services to support community stabilization and economic health. RBS Citizens services Vermont as Citizens Bank.

“Our focus on supporting the communities we serve has never been more central to our work as a bank, and we’re proud to express our continuing long-term commitment to community development with this $1 billion initiative over the next five years,” said Robert Matthews, Vice Chairman of Commercial Banking, RBS Citizens Financial Group. “We are excited for this work to begin and have already established the necessary foundation with the creation of our Community Development Division, which is now identifying opportunities to make a difference in the communities where we live and work.”

The RBS Citizens Community Development program of loans and investments complements the financial and volunteer support provided to local nonprofits through Citizens Helping Citizens, RBS Citizens Financial Group’s charitable program addressing five key areas: hunger, housing, economic development, financial education and volunteerism.

The RBS Citizens community development initiative launches with more than $85 million in loans and equity investments already committed for 2013. The following loans and equity investments for projects will create more than 600 units of affordable housing across the bank’s footprint:

“RBS Citizens is making a significant investment in our communities through our Community Development Division, which is focused on creating and delivering financial products and services that support the development and stabilization of local communities.” said Reza Aghamirzadeh, EVP and Head of Community Development at RBS Citizens. “We are thrilled to be able to make this long-term commitment to our communities that support affordable housing and economic stabilization and growth.”