PASADENA, Calif., April 29, 2020 /PRNewswire/ -- CIT and its Pasadena-based banking subsidiary today announced a $3 million investment in support of the Local Initiatives Support Corporation of San Diego (LISC)'s Neighborhood Catalyst Fund. CIT's investment is expected to help create 1,350 affordable housing units for low-to-moderate income residents of San Diego County.
"Building stronger, more equitable communities across San Diego is our priority, especially during this unprecedented time when many local residents need our support," said Steve Solk, president of Consumer Banking for CIT. "Through this effort, we're empowering local residents to achieve economic prosperity and a better quality of life."
"LISC is grateful for CIT's partnership as we work to drive transformative change across the region and serve neighborhoods of opportunity," said Ricardo Flores, executive director for LISC San Diego. "This investment enables us to support and revitalize communities, broaden access to resources and improve the quality of life for thousands across Southern California."
CIT's support of the Neighborhood Catalyst Fund will result in multiple multi-family rental housing and mixed-use projects across San Diego County over the next decade Currently, the LISC San Diego Neighborhood Catalyst Fund has closed on its first loan of $5.5 million for a new 114-unit affordable housing project in City Heights, San Diego that is expected to open by 2023.
CIT actively supports and invests in affordable housing, economic development, neighborhood stabilization and core community services across its OneWest Bank and CIT Bank (formerly Mutual of Omaha Bank) branch banking footprint. Since 2016, CIT has invested more than $5 billion to advance affordable housing, economic development, education and access to credit for small businesses in Southern California.
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 and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, community association banking, middle market banking, equipment and vendor financing, factoring, railcar financing, treasury and payments services, and capital markets and asset management. CIT's consumer banking segment includes a national direct bank and regional branch network. Discover more at cit.com/about.
SOURCE CIT Group Inc.