affordable-housing | February 3, 2022

Citi issues $2.5 billion bond to preserve affordable housing

Roodgally Senatus
ImpactAlpha Editor

Roodgally Senatus

ImpactAlpha, February 3 — Proceeds from the bond will finance the construction, rehabilitation and preservation of affordable housing properties for low- and moderate-income families in the communities where Citi has a presence.

The global bank partnered with five Black-owned firms, Blaylock Van, CastleOak Securities, Global Oak Capital Markets, Loop Capital Markets and Security Capital Brokerage to underwrite the bond. 

Citi’s Action for Racial Equity initiative includes a goal to expand the bank’s business with minority-owned broker dealers and depository institutions.

The partnerships, said Citi’s Michael Verdeschi, “enhance our best-in-class capital market distribution capabilities, while also financing affordable housing projects.”