The Providence, R.I.-based commercial bank that holds $118 billion in assets plans to fund loans and other investments in 12 states over the next five years.
Investments made through the program are part of the bank’s efforts to provide “innovative products and services” that support economic development in communities still grappling with the impacts of the crisis.
According to Robert Matthews, vice chairman of commercial banking, RBS Citizens Financial Group, the long-term affordable housing and economic stabilization commitment to supporting the communities where the bank serves began with the already established Community Development Division, which is now identifying opportunities that can make a real difference.
The RBS Citizens Community Development program complements the financial and volunteer support provided to local nonprofits through Citizens Helping Citizens, the bank’s charitable program that addresses hunger, housing, economic development, financial education and volunteerism.
The RBS Citizens community development initiative has launched more than $85 million in loans and equity investments in 2013.
These investments include a $10 million Low Income Housing Tax Credit equity investment in Red Stone in North Cove Landing, North Kingstown, R.I.; $13 million LIHTC equity investment in Cornerstone/National Affordable Housing Trust Enhanced Preservation Fund 2013-LP in the Historic South End, Boston; $7.1 million in Woodbridge Estates X, Detroit; $10 million in the Crossroads, Camp Hill, Pa.; and $10 million to Cass Apartments, Detroit.