Citigroup Center for Community Development Enterprise Provides National Equity Fund with $50 Million Revolving Warehouse Facility.Business Editors NEW YORK--(BUSINESS WIRE)--Sept. 27, 2000 Facility to Help Leading Non-Profit Syndicator of Low-Income Housing Tax Credits Expand Supply of Affordable Housing in the U.S. Citigroup Center for Community Development Enterprise (CCDE CCDE Corporate, Continuing, and Distance Education CCDE Cisco Certified Design Expert ) has provided the National Equity Fund, Inc. (NEF n. 1. The nave of a church. ) with a $50 million revolving warehouse facility, which will ultimately help expand the supply of affordable housing across the U.S. NEF, the country's leading non-profit syndicator of low-income housing tax credits (LIHTC's), will use this facility to acquire and warehouse interests in projects with LIHTC's, for ultimate placement in NEF-managed funds "We are especially pleased that we have been able to provide NEF with this financing and feel confident that it will help support this leading national non-profit organization A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. ," said Kimberly Latimer-Nelligan, Director of National Lending within Citigroup CCDE. "This deal also represents CCDE's first foray into Verb 1. foray into - enter someone else's territory and take spoils; "The pirates raided the coastal villages regularly" raid encroach upon, intrude on, obtrude upon, invade - to intrude upon, infringe, encroach on, violate; "This new colleague invades my the tax credit warehouse line of business and we hope to pursue more such deals in the future that have similar scopes of broad regional and national natures." "The Citigroup line will enable us to be more responsive to our customers: the investors and the developers," said Joseph Hagan, President and Chief Executive Officer of the National Equity Fund. Since NEF's business is national, this facility will help Citibank, the banking subsidiary of Citigroup, meet its Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. (CRA See Community Reinvestment Act. ) requirements across numerous geographic markets. To the extent that NEF does business outside of Citibank's CRA assessment area, the credit will be assigned to one of Citigroup's special purpose banks. Today the largest U.S. non-profit syndicator of LIHTC's, NEF was an innovator in the field when it was formed by LISC LISC Local Initiatives Support Corporation (New York, NY) LISC Little Illini Soccer Club (Champaign-Urbana, Illinois) LISC Long Island Subaru Club LISC Laboratory for Intelligent Systems and Controls in 1987 to promote the development of affordable housing through LIHTC's. Since that time, NEF has invested more than $2.5 billion in private capital to build more than 46,000 homes in 107 cities around the country. NEF fills a critical market niche by working exclusively with non-profit developers. Through its relationship with the local offices of the Local Initiatives Services Corporation (LISC,) NEF can offer CDCs technical assistance to help them develop mission-driven, affordable housing. Citigroup created the Center for Community Development Enterprise as part of the $115 billion community commitment it made in 1998. Working with local and community partners, CCDE will lend and invest $6 billion through the year 2008. CCDE is a business unit that harnesses the resources and skills of Citibank, Salomon Smith Barney Smith Barney is a division of Citigroup Global Capital Markets Inc., a global, full-service financial firm, that provides brokerage, investment banking and asset management services to corporations, governments and individuals around the world. and Travelers to help satisfy broad lending and investing needs. For customers, this can mean a single streamlined process and often better products and pricing. Markets served by CCDE include: California, Connecticut, Southern Florida, Illinois, Nevada, New Jersey, the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. metro area This article is about the music production team. For the article about population centers, see metropolitan area. Metro Area are a Brooklyn-based dance music production team composed of Morgan Geist and Darshan Jesrani. , Puerto Rico, Buffalo/Rochester, N.Y., South Dakota, and the Washington, D.C. metro area. National intermediaries and non-profits, as well as organizations with local community development opportunities that fall outside of Citigroup CCDE's regional markets, that are interested in exploring how CCDE could assist with their financing needs should contact Kim Latimer-Nelligan at 212-559-9007. Citigroup Center for Community Development Enterprise is a business unit of Citigroup (NYSE NYSE See: New York Stock Exchange :C), the premier global financial services company providing some 100 million consumers, corporations, governments and institutions in 100 countries with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, insurance, securities brokerage and asset management. The 1998 merger of Citicorp and Travelers Group brought together such brand names as Citibank, Travelers, Salomon Smith Barney, CitiFinancial, and Primerica under Citigroup's trademark red umbrella. Additional information can be found at: www.citigroup.com. |
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