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Housing Opportunity Fund

Citizens Bank - Providence, RI

2022 Community Committment Awards Submission

  • Affordable Housing
  • Asset Size: Large

At Citizens, we are committed to developing innovative solutions that help our communities reach their full potential. In 2020, Citizens pledged to invest million in Low Income Housing Tax Credit (LIHTC) developments in predominantly minority census tracts at preferential rates and terms as part of the Housing Opportunity Fund (HOF) initiative. The incremental capital created by the premium, an estimated million, is utilized to provide life-enhancing services that are offered at no cost to residents of the housing units. The enhanced facilities and services made available to the residents include access to technology centers with computer workstations, high-speed internet connectivity, tutoring services, professional job training, and financial empowerment seminars. These vital services are essential to improving the quality of life of the residents and promoting economic mobility.

Through the Housing Opportunity Fund initiative, we endeavor to address the economic and digital gap that exists in historically underserved communities. Since initiating the program, our efforts have resulted in the creation of 856 affordable housing units in cities located in Massachusetts, Michigan, Ohio, and Rhode Island for a total commitment to date of with Housing Opportunity Funds to the community.