In September, as part of Citi’s $1 billion Action for Racial Equity commitment, Citi Community Capital announced its intention to establish private equity funds for the preservation of affordable housing while expanding opportunities for diverse fund managers and investors.
Citi and its Advisory Council are now soliciting applications for diverse fund managers to each manage $25 to40 million of CRA-qualifying private equity funds, the investment objective of which will be the preservation of affordable multifamily housing across the U.S. Each fund will acquire multifamily housing primarily for the benefit of low– to moderate–income individuals and communities (including workforce, regulated and mixed-income housing) with a commitment to community development and engaging diverse professionals throughout the acquisition and ownership infrastructures.
Applications are due by 5 p.m. ET on Friday, January 8, 2021. Selected managers are expected to be announced by February 2021 and operational by March 2021. Questions can be addressed to: gina.d.nisbeth@citi.com.
