Citigroup CCDE Provides $1 Million Loan to Faith Center for Community Development.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 15, 2001 Citigroup Center for Community Development Enterprise (CCDE CCDE Corporate, Continuing, and Distance Education CCDE Cisco Certified Design Expert ) today announced that it will provide Enterprise Housing Financial Service Inc. (EHFS), the subsidiary loan fund of the Enterprise Foundation, with a $1 million loan restricted for use by the Faith Fund. Established through a partnership between the Enterprise Foundation and the Faith Center for Community Development (FCCD FCCD Florida Council on Crime and Delinquency FCCD Fisheries Conservation & Control Division (Ministry for Rural Affairs and the Environment, Malta) FCCD Fully and Compulsorily Convertible Debentures ,) the Faith Fund is a revolving loan fund A Revolving Loan Fund (RLF) is a source of money from which loans are made for small business development projects. A loan is made to one person or business at a time and, as repayments are made, funds become available for new loans to other businesses. for FCCD's clients that offers capability building grants, predevelopment recoverable grants, and predevelopment and acquisition loans. Citigroup CCDE's loan will enable EHFS and the FCCD to provide low rate predevelopment financing to faith-based community A faith-based community is a community with members who all believe in the same religious concepts, or at least they did when it was founded. Many faith-based communities are communes, although this is not a requirement. development institutions engaged in the construction of housing and community facilities in low- and moderate-income communities throughout the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of tri-state area There are a number of places in the United States known as tri-state areas where three states or holdings meet at one point (a tripoint), or in proximity to each other. The two most well-known are for the New York and Chicago metropolitan areas. . Citigroup also is a lead philanthropic supporter of FCCD, which is a nonprofit organization Nonprofit Organization An association that is given tax-free status. Donations to a non-profit organization are often tax deductible as well. Notes: Examples of non-profit organizations are charities, hospitals and schools. established in 1997 to provide resources and technical assistance for faith-based community development projects. "Citigroup recognizes the importance of the work that the Faith Center is doing in bringing together financial and religious institutions with faith-based community developers to form partnerships that will greatly enhance the quality of life in our communities," said Pamela P. Flaherty, Senior Vice President of Global Community Relations 1. The relationship between military and civilian communities. 2. Those public affairs programs that address issues of interest to the general public, business, academia, veterans, Service organizations, military-related associations, and other non-news media entities. at Citigroup. "We are proud to support the Faith Center and know that our partnership with them will help us to strengthen our commitment to provide access to financial products and services for all." Founded in 1997, FCCD's primary mission is to build on the unique strengths and assets of faith-based organizations to help create and sustain thriving neighborhoods through provision of services. This mission is being carried out through the development of five program areas: general information and referral, organization development and training, homeownership, real estate development, and the Faith Fund that will provide grants and loans. "A key to our success is our ability to deliver financial resources and capability building services to faith-based community development organizations," said Dr. Fred Lucas, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of the Faith Center for Community Development. "We greatly appreciate Citigroup's support and look forward to working with them as we continue to expand our outreach." As a lead philanthropic sponsor of FCCD, the Citigroup Foundation recently provided the organization with a $500,000 grant, payable in two installments in 2001 and 2002. The grant will be targeted for real estate development efforts and to administer the Faith Fund, along with the expansion of FCCD's homeownership program in low-income minority communities. Previous Citigroup grants to the Faith Center total $350,000. Citigroup CCDE offers nonprofit and for-profit developers and businesses innovative and comprehensive financing packages for their projects in low- and moderate-income areas. As a member of Citigroup, CCDE taps resources and skills from across the company's units. Together, this diverse mix can finance projects, support operations through lines of credit, purchase tax credits, underwrite and market municipal bonds, manage funds, and address insurance needs. Citigroup CCDE is a business unit of Citigroup (NYSE NYSE See: New York Stock Exchange : C), the preeminent global financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company with some 190 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage, and asset management. Major brand names under Citigroup's trademark red umbrella include Citibank, CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers. The Citigroup Foundation primarily focuses its grant making in three areas: financial education, educating the next generation, and building communities and entrepreneurs. Additional information may be found at: www.citigroup.com. |
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