Citizens Financial : provides $40.7 million construction loan for Boston affordable housing project

08/30/2021

PROVIDENCE, R.I. - Citizens announced today that its Community Development Group provided a $40.7 million construction loan to Trinity Orient Heights Phase Three Limited Partnership, whose sponsor is Trinity Financial Inc. The loan provides financing for the construction of 81 new units and the modernization of 42 existing units of affordable housing located in the Orient Heights State Public Housing development in Boston.

All of the units are subject to long-term rental assistance contracts and reserved for tenants at or below 60 percent Area Median Income (AMI).

'This loan demonstrates Citizens' strong commitment to support affordable housing options for Boston residents,' said Jerry Sargent, Northeast Region Executive, Citizens.

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.

For more information, please go to theCitizenswebsite.

About Citizens Financial Group, Inc.

Citizens Financial Group, Inc. is one of the nation's oldest and largest financial institutions, with $185.1 billion in assets as of June 30, 2021. Headquartered in Providence, Rhode Island, Citizens offers a broad range of retail and commercial banking products and services to individuals, small businesses, middle-market companies, large corporations and institutions. Citizens helps its customers reach their potential by listening to them and by understanding their needs in order to offer tailored advice, ideas and solutions. In Consumer Banking, Citizens provides an integrated experience that includes mobile and online banking, a 24/7 customer contact center and the convenience of approximately 3,000 ATMs and approximately 1,000 branches in 11 states in the New England, Mid-Atlantic and Midwest regions. Consumer Banking products and services include a full range of banking, lending, savings, wealth management and small business offerings. In Commercial Banking, Citizens offers a broad complement of financial products and solutions, including lending and leasing, deposit and treasury management services, foreign exchange, interest rate and commodity risk management solutions, as well as loan syndication, corporate finance, merger and acquisition, and debt and equity capital markets capabilities. More information is available at www.citizensbank.comor visit us on Twitter, LinkedInor Facebook.