PROVIDENCE, R.I. – Citizens announced today that its Community Development Group is providing $13.8 million in equity financing, including $500,000 for an on-site technology center and training, as well as a $9.5 million construction loan to Joseph Caffey Apartments, LLC, whose sponsors are Omni Development Corp. and Wingate Capital Partners, LLC. The funds help provide financing for the new construction of a four-story building in Providence with 39 units of affordable housing.
Eight of the units will be reserved for tenants at or below 30 percent Area Median Income (AMI), five units will be reserved for tenants at or below 50 percent AMI, 23 units are for tenants at or below 60 percent AMI and three units are for tenants at or below 80% AMI.
Citizens, through its Economic Opportunity Fund financing, will pay for the $500,000 needed to develop, equip and maintain a technology center and WiFi connection. The 300 square feet computer lab will be located adjacent to the community room, which is 800 square feet.
It also funds services to help close the digital divide and support financial literacy for residents, such as:
- An AmeriCorps member responsible for managing and coordinating all the programs for the residents at the property. The staff member will complete an assessment with each household that will identify the goals and needs of each family. They will provide computer training on site and will also provide referrals to community organizations that provide additional services, including identifying partner organizations that provide tutoring and educational resources to school-aged children.
- One-on-one counseling with parents to support them with employment opportunities including but not limited to employment search and interview preparedness.
- Basic financial counseling services including but not limited to classes on budgeting, spending, borrowing, saving, credit repair and financial goals to help families make better financial decisions.
“Citizens has a strong commitment to the community and to closing the digital divide and supporting financial literacy for low- and moderate-income residents,” said Keith Kelly, Rhode Island President, Citizens. “Projects such as the Joseph Caffey Apartments help provide needed affordable housing and support for families in Providence.”
Citizens’ Community Development Group is committed to improving the economic vitality of our communities and the financial acumen of our fellow citizens. The Group has committed more than $4 billion in loans and investments to support the development and rehabilitation of affordable housing units and economic revitalization activities in our communities. These efforts have resulted in more than 20,000 new or rehabilitated housing units and the development of more than 460,000 square feet of commercial space in low- and moderate-income communities served by Citizens. Through Citizens’ Financial Education Community Ambassador program, more than 500 Community Ambassadors have delivered Financial Education sessions to more than 82,600 fellow citizens.
For more information, please go to the Citizens website.
About Citizens Financial Group, Inc.
Citizens Financial Group, Inc. is one of the nation’s oldest and largest financial institutions, with $192.1 billion in assets as of March 31, 2022. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a full-service customer contact center and the convenience of approximately 3,300 ATMs and approximately 1,200 branches in 14 states and the District of Columbia. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.com or visit us on Twitter, LinkedIn or Facebook.