PASADENA, Calif., May 20, 2020 /PRNewswire/ -- CIT and its Pasadena-based banking subsidiary CIT Bank, N.A. today announced a $37.3 million investment in the Jordan Downs Apartments Project, a 92-unit multifamily apartment complex to support low-to-moderate income families in the Watts neighborhood of Los Angeles.
"During these challenging times, our communities need affordable housing more than ever," said Steve Solk, president of Consumer Banking. "Our financial commitment to the Jordan Downs Apartment Project will help break down barriers and spark transformative change across the Watts neighborhood."
Jordan Downs is the third phase of a larger redevelopment project taking place to improve the area. Of the 92 units, the complex will include 23 one‐bedroom units, 41 two‐bedroom units, 24 three‐bedroom units and 4 four‐bedroom units. Seventeen apartments will be designated for residents with physical disabilities and hearing or visual impairments.
"Providing essential housing that is inclusive and suits diverse needs enables local residents from all backgrounds to improve their quality of life," continued Solk. "CIT is proud to play a key role in supporting the development of this project and the overall wellbeing of local residents."
The project is currently slated for completion in early 2022 and units will be available to households earning between 30% and 80% of the area's median income. CIT anticipates making further investments in the Watts community later this year, including the possibility of opening a new branch in the area.
As part of the ongoing commitment to building stronger, more vibrant communities, CIT actively supports and invests in affordable housing, economic development, neighborhood stabilization and core community services across our footprint.
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.