Citi Community Capital Launches $100 Million
New York Affordable Housing Preservation Fund
with L+M Development Partners
Fund to Invest Millions in the Preservation and Creation of Thousands of Homes for Low- and
Moderate- Income New Yorkers
July 28, 2010 09:03 AM Eastern Daylight Time
NEW YORK--(EON: Enhanced Online News)--Citi Community Capital (“CCC”) and L+M Development
Partners today announced the creation of a $100 million New York Affordable Housing Preservation Fund (NYAH
Preservation Fund). The NYAH Preservation Fund’s mission is to stem the loss of affordable housing in the New
York metropolitan area and to expand the stock of such housing through strategic rehabilitation and investment.
The NYAH Preservation Fund will focus on properties that may be at immediate or longer term risk of becoming
unaffordable to low- and moderate-income households. In order to maximize its impact, the NYAH Preservation
Fund will invest with a wide range of responsible owners and operators. The NYAH Preservation Fund is
envisioned as an innovative and dynamic response to one of the City’s most important challenges – namely how to
enhance the region’s role as a center for economic diversity and opportunity through the expansion and preservation
of affordable housing. The NYAH Preservation Fund could become a model for similar efforts in the region and
As part of Mayor Bloomberg’s unparalleled New Housing Marketplace Plan (NHMP) initiative over the past eight
years, the City has been working to finance the creation or preservation of over 165,000 affordable homes by 2014.
By June 30, 2010, the City had closed on the preservation or creation of more than 108,600 units. The NYAH
Preservation Fund is structured to become an important source of private capital towards this ongoing effort.
“The launch of this $100 million fund further illustrates Citi’s commitment to the principles of responsible finance. We
have pledged that we will do our part to fuel the economic recovery and lend a