Citigroup Companies Pledge $7.4 Million to Hartford Housing Revitalization Project.HARTFORD, Conn.--(BUSINESS WIRE)--Nov. 4, 1999-- -- Unique financing package involving Citibank and Travelers builds on the company's long-standing commitment to the community -- Editor's Note Editor's Note (foaled in 1993 in Kentucky) is an American thoroughbred Stallion racehorse. He was sired by 1992 U.S. Champion 2 YO Colt Forty Niner, who in turn was a son of Champion sire Mr. Prospector and out of the mare, Beware Of The Cat. Trained by D. : The following press release provides details of a Citibank/Travelers Property Casualty project announced during President Clinton's visit to Hartford, Conn. today (Nov. 4). In addition to this project, Travelers also announced a $5 million commitment to economic development in Hartford. Details of that commitment are contained in a letter to Governor John Rowland that follows the press release. Citibank and Travelers Property Casualty today announced a $7.4 million leadership pledge to help revitalize two blocks of lower-income, inner city housing as part of the company's historic community reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. program. The funding is earmarked for the Mortson/Putnam Heights Project. Plans for the project call for the creation of 70 owner-occupied single and two family housing units through the rehabilitation rehabilitation: see physical therapy. of existing buildings and the construction of new housing. The plans also call for "streetscape street·scape n. 1. An artistic representation of a street. 2. Surroundings composed of streets: the urban streetscape. " improvements and a low-interest loan fund to encourage existing property owners to improve their buildings. Heidi Miller
Heidi Miller (born Santa Monica, California) is an American female bodybuilder who held the title Ms. Natural America in 1981. , Chief Financial Officer of Citigroup, said, "Our support for the Mortson/Putnam Heights Project demonstrates the effectiveness of Citigroup companies working together to play a positive role in the communities we serve. The resources and support of Citibank and Travelers Property Casualty will help make the Mortson/Putnam Heights Project a reality. The success of this project is an important step forward in a city that has the lowest homeownership rate in the country on a per capita [Latin, By the heads or polls.] A term used in the Descent and Distribution of the estate of one who dies without a will. It means to share and share alike according to the number of individuals. basis." Ms. Miller said, "Our involvement with this project also demonstrates the value of the federal 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. ). Citigroup's commitment of $115 billion over a ten-year period for loans and investments in low and moderate income communities and small businesses is helping to bring new life to our nation's cities and the people who live in them." Jay Fishman, 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 Hartford-based Travelers Property Casualty, said, "Travelers has been an active participant in the life of the Hartford community since we first opened our doors for business 135 years ago. Our financial support for the Mortson/Putnam Heights Project is proof of our ongoing commitment to the city we have long called home and builds on Travelers record of community involvement." The Citigroup leadership pledge for the project includes a construction bridge loan from Citibank; repayment of the loan through the purchase of historic tax credits by Travelers Property Casualty; and a Citigroup Foundation grant for a low-interest loan fund for the rehabilitation of existing housing in the neighborhood. In keeping with urban initiatives included in Citigroup's community commitment, Citibank will also offer competitive mortgage rates to those who buy the new housing units created by this project and Travelers will make available to eligible homeowners an insurance discount program offered under its urban markets program. The Mortson/Putnam Heights Project, with an overall development price tag of $10.3 million, will rehabilitate re·ha·bil·i·tate v. 1. To restore to good health or useful life, as through therapy and education. 2. To restore to good condition, operation, or capacity. blighted buildings and increase homeownership on two streets -- Mortson Street and Putnam Heights. Each of the streets is one block long. They are located southwest of the State Capitol building The term State Capitol Building can refer to the State Capitol building in a number of different US states, national or subnational entities. US States
Trinity College Private liberal arts college in Hartford, Conn., founded in 1823. It is historically affiliated with the Episcopal church, though its curriculum is nonsectarian. . The purchase of tax credits generated from the project by Travelers will make use of The Connecticut Historic Homeownership Tax Credit, approved by the General Assembly in 1999. Under provisions of this legislation, tax credits are made available for the rehabilitation of certain owner-occupied, historic residential structures. The credits will be purchased by Travelers from the developer, Mortson/Putnam Heights Ventures, and applied against taxes owed to the state by the company. Mr. Fishman said, "The tax credit legislation represents a creative approach to urban revitalization by the state of Connecticut. These credits will attract the involvement of private enterprises, like Travelers, in the rebuilding of our state's cities. In addition, this project gives us the opportunity to expand our already sizeable presence in the minority homeowners market for insurance." Many of the buildings in the Mortson/Putnam Heights neighborhood have been abandoned or destroyed in fires. The buildings to be renovated are the best surviving examples of a signature style of Hartford architecture: the Perfect Six. These three-story brick structures -- built for turn of the century immigrants attracted to Hartford by jobs in expanding industries -- had two apartment units on each floor. TRAVELERS' LETTER TO CT GOVERNOR Dear Governor Rowland: Travelers has been deeply involved in the economic, civic and cultural life of our community for 135 years. Your efforts over the past few years to improve the vitality of Hartford through your many efforts on the community's behalf are to be commended. In that regard, we want you to know that our company stands behind your efforts and will continue to work in a constructive manner to further strengthen our community. As a measure of our dedication to our mutual goals, we want you to know that Travelers stands ready to invest $5 million in projects and organizations in and around Hartford that show the promise of long-term viability. This commitment is a reflection of our belief that our investments will improve the working environment for our more than 6,000 employees who work in our complex of buildings in Hartford and the surrounding area. Travelers will continue to work closely with the State as a constructive partner, and we applaud your vision and tireless efforts to bring new life to our community. -0- Sincerely, Jay S. Fishman President & Chief Executive Officer About Citigroup Citigroup (NYSE NYSE See: New York Stock Exchange :C), the most 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, provides 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 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. , Commercial Credit (now named CitiFinancial), and Primerica under Citigroup's trademark red umbrella. Additional information may be found at: www.citigroup.com. About Citibank Citibank is a global financial services organization serving consumers, businesses, governments and financial institutions through 3,000 offices in 100 countries and territories. In the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , Citibank serves consumers and small businesses through a network of some 430 branches in nine states and the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). as well as national credit card, mortgage, investment and electronic banking services. Additional information may be found at www.citibank.com. About Travelers Property Casualty Travelers Property Casualty Corp. (NYSE: TAP), with headquarters in Hartford, Conn., since 1884, is a leading provider of homeowners and auto insurance for consumers. The company is also a leading provider of a broad range of insurance products for commercial markets, including workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. , integrated disability, property, liability, specialty lines, surety bonds surety bond An insurance fee required before a duplicate security is issued to replace one that has been lost. The fee is approximately 4% of the market value of the security to be replaced. , inland/ocean marine, and boiler and machinery. Additional information may be found at www.travelers.com. |
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