Citizens Bank Provides $30.5M in Loans for Affordable Housing

PROVIDENCE, R.I. – Citizens Bank has announced that its Community Development Group has provided $30.5 million in construction loans overall for three separate affordable housing projects in Pittsburgh and the surrounding region.

Citizens has provided $14.5 million to Riverview Tower Preservation LP, an entity sponsored by the Jewish Federation of Greater Pittsburgh, for the substantial rehabilitation of 191 existing units of senior multi-family housing.

Citizens has also provided a $7 million construction loan to Aspire Properties, LP, an entity sponsored by Wesley Family Services, for the construction of 36 units of affordable multi-family housing in the New Kensington area.

Finally, Citizens has provided a $9 million construction loan to Bentleyville Preservation LLC, an entity sponsored by The Michaels Development Company, for the acquisition and substantial rehabilitation of 10 buildings that have 101 units of affordable multi-family housing in Bentleyville, PA.

“This project meets a growing need in the community and is another sign of Citizens’ strong commitment to support more housing options for Western Pennsylvania residents,” said Mark Rendulic, Pittsburgh President, Citizens Bank.

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.