Citi Buys Fannie LIHTC Portfolio

Citibank NA has purchased from Fannie Mae a portfolio of investments representing approximately $676 million in federal Low Income Housing Tax Credits, according to the two companies.The details of the sale were not disclosed, except that the purchase price was paid in cash plus the assumption of Fannie Mae's capital obligations relating to the investments. The portfolio consisted of Fannie's investments in 12 funds owning 382 LIHTC properties. "Citibank values the opportunity to invest in low-income rental housing and is committed to keeping much-needed capital flowing to these properties," said Andy Ditton, managing director of Citibank Community Development. The companies can be found online at http://www.citigroup.com and http://www.fanniemae.com.