Citizens Bank provides $46.5M in financing for housing projects

PROVIDENCE, R.I. – Citizens Bank has announced that its Community Development Group has provided three loans and a letter of credit for four separate housing projects in Upstate New York.

Citizens provided a $15.8 million loan to Fourth Street Troy, LLC, whose sponsor is Rosenblum Companies, for the construction of a new, mixed-used project, which will have 80 market-rate apartments and 2,600 square feet of commercial space in Troy, N.Y. The project will re-develop a vacant property and is part of the City of Troy’s revitalization plan.

Citizens provided a $12.2 million loan to Irving Community LLC, whose sponsor is Home Leasing LLC, for the new construction of 55 units of affordable housing in Schenectady, N.Y.

Citizens provided a $8.7 million loan to Jefferson Wollensack LLC, whose sponsor is Urban League of Rochester Economic Development Corporation, for the renovation of a vacant four-story commercial building into 22 units of affordable housing and the new construction of 19 units of affordable housing in Rochester, N.Y.

Citizens also provided a $9.8 million direct pay letter of credit to provide credit enhancement for the issuance of tax-exempt bonds providing financing to Robinson Square Associates, LLC, whose sponsor is Liberty Affordable Housing, Inc. The bonds provide financing for the substantial rehabilitation of 115 units of affordable housing in Albany, N.Y.

“These projects meet important needs in these communities and demonstrate Citizens’ strong commitment to support more housing options for New York residents,” said J. Theodore Smith, President, Citizens Bank, Upstate New York Region.

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 $3 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.