PASADENA, Calif., July 17, 2018 /PRNewswire/ -- CIT Bank N.A., the banking subsidiary of CIT Group Inc. (NYSE: CIT), today announced a $150,000 grant in support of the Los Angeles Local Initiatives Support Corporation's (LA LISC) Housing Development Training Institute. The grant will support training the next generation of affordable housing professionals to lead local organizations and make a long-lasting impact on the Southern California community.
"With the demand for sustainable housing increasing, Southern California needs a strong pipeline of talent committed to solving our affordable housing crisis," said Steve Solk, president of Consumer Banking. "CIT is pleased to support the effort to educate and mobilize the future leaders of our community to tackle this challenge."
Over the next 12-months, approximately 35 developers and 45 project managers will complete intensive training programs focusing on the key development stages and financial issues of affordable housing development.
"LA LISC is thrilled to partner with CIT to ensure organizations can meet the rising affordable housing needs of our communities," said Tunua Thrash-Ntuk, executive director of LA LISC. "We estimate that CIT's contribution will ultimately result in the development of more than 2,500 units of affordable housing from 2018-2020."
LA LISC is one of 31 local LISC offices committed to supporting community development in cities and rural areas throughout the country. More information about LA LISC can be found here.
CIT's banking subsidiary is based in Pasadena, CA, and includes the OneWest Bank Southern California branch network. CIT is committed to meeting the banking and credit needs of the local Southern California community. For more information visit www.cit.com.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook. Register to receive press releases at cit.mediaroom.com/email-alerts.
About LA LISC
With residents and partners, LISC forges resilient and inclusive communities of opportunity across America – great places to live, work, visit, do business and raise families. Since 1980, LISC has invested more than $18 billion to build or rehab 376,000 affordable homes and apartments and develop 63 million square feet of retail, community and educational space. LA LISC's mission is to work with local leaders to invest in housing, health, education, public safety, and employment – these basic needs must be tackled at once so that progress in one is not undermined by neglect in another. For more, visit www.lisc.org/los-angeles.
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SOURCE CIT Group Inc.