CIT Provides $55 Million to Jumpstart Two Affordable Housing Developments for Homeless Vets and Families
CIT Provides $55 Million to Jumpstart Two Affordable Housing Developments for Homeless Vets and Families |
[26-June-2019] |
PASADENA, Calif., June 26, 2019 /PRNewswire/ -- CIT Bank, N.A., the banking subsidiary of CIT Group Inc., today announced a total community investment of $55 Million in support of two East LA Community Corporation (ELACC) affordable housing developments, El Nuevo Amanecer and Rosa de Castilla.1 Together, the complexes will provide 146 units once completed, including 80 units of permanent supportive housing for homeless veterans and 42 units for low-income families.
Both loans were provided through CIT's recently launched Community Investment Loan Program, which provides support for affordable housing and community facilities across Southern California. "Veterans have served our country at the highest level and we are honored to provide them the opportunity to live in quality, affordable housing," said Claudia Lima, director of Community Lending and Investments for CIT. "Strengthening the neighborhoods where we live and work is one of our top priorities. Together with ELACC, CIT is committed to enhancing the lives of local residents through these impactful projects." "CIT's partnership and support enables us to improve the quality of life for local veterans and families in the East LA and Boyle Heights communities," said Isela Gracian, president of East LA Community Corporation. "By providing newly constructed homes affordable to them along with supportive services, we are part of getting veterans off the streets and into a safe place they can call home." About El Nuevo Amanecer About Rosa de Castilla ELACC partner New Directions for Veterans will provide on-site services for homeless veteran residents at both properties, including a full-time individual case management, mental and supportive health services, employment and educational services. CIT's banking subsidiary is based in Pasadena, CA, and includes the OneWest Bank Southern California branch network and the national online bank CIT Bank. In 2018, CIT committed $94 million in investments and $73 million in loans to promote affordable housing for Southern California residents. About CIT About ELACC CIT MEDIA RELATIONS: 1 $28.75 million will support El Nuevo Amanecer including a construction loan of $23.5 million and permanent loan of $5.25 million. $26.65 million will support Rosa de Castilla. View original content to download multimedia:http://www.prnewswire.com/news-releases/cit-provides-55-million-to-jumpstart-two-affordable-housing-developments-for-homeless-vets-and-families-300875415.html SOURCE CIT Group Inc. | ||
Company Codes: NYSE:CIT |
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