PASADENA, Calif., Dec. 11, 2018 /PRNewswire/ -- CIT Bank N.A., the banking subsidiary of CIT Group Inc., today announced a new Community Investment Loan Program offering construction loans and permanent financing for multifamily affordable housing and community facilities across Southern California. CREA LLC, a trusted real estate advisory firm, will support CIT with the affordable housing portion of the program.
"CIT is pleased to expand its community investment efforts in Southern California to ensure residents have access to affordable housing as well as essential community services such as health centers, schools and public safety centers," said Steve Solk, president of Consumer Banking for CIT. "This new program builds on our investments in affordable housing developments and low-income housing tax credits to serve our local community."
"CREA is proud to partner with CIT to help create high quality affordable housing across Southern California," said Gary Rodney, chairman of CREA. "Together we will provide an outstanding debt and equity financing platform, streamlined process and competitive terms for local affordable housing developers."
CIT's banking subsidiary is based in Pasadena, CA, and includes the OneWest Bank Southern California branch network and the national online bank CIT Bank. In 2017, CIT committed $87.5 million to develop 7,000 affordable housing units for Southern California residents. For more information on the program visit cit.com/about or contact CommunityInvestments@cit.com.
CIT is a leading national bank focused on empowering businesses and personal savers with the financial agility to navigate their goals. CIT Group Inc. (NYSE: CIT) is a financial holding company with over a century of experience, approximately $50 billion in assets as of Sept. 30, 2018, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.
CREA, LLC specializes in low income housing tax credits, forming long-term relationships with investors and developers that cultivate success and improve lives. CREA has raised over $5 billion in equity from its investors and manages funds on their behalf. CREA is headquartered in Indianapolis and has offices in Austin, Boston, Chicago, New York, Portland, San Diego and Sarasota. More information can be found online at http://www.creallc.com/.
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SOURCE CIT Group Inc.