Citi Commits $105MM to AH for Hispanics

Citigroup has entered into a $105 million partnership with the National Council of La Raza, Washington, D.C., committing $100 million to affordable housing and community revitalization in Hispanic neighborhoods across the country.Citigroup's Citibank Community Development will act as the administrator of the $100 million investment while coordinating its efforts with over 300 NCLR affiliate members. Administered by the Citigroup Foundation, another $5 million is earmarked to support NCLR in its effort to help transform NCLR's Raza Development Fund into the country's first community development financial institution dedicated to investments in low-income Hispanic neighborhoods. Andrew Ditton, director of Citibank Community Development, said the capital commitment is "one of the largest partnerships ever between a global financial services company and a nonprofit community development institution."