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. Since that time, we have engaged with a number of industry participants in our effort to understand how we can best execute on this strategy.
Citi and its Advisory Council are now soliciting applications for diverse fund managers to each manage $25-40 million of CRA-qualifying private equity funds, the investment objective of which will be the preservation of affordable multifamily housing across the United States. 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 will be due by 5pm ET on Friday, January 8th, 2021. Selected managers are expected to be announced by February 2021 and operational by March 2021.
Questions can be addressed to:
Advisory Council Members:
Gwendolyn Hatten-Butler, President and Chief Investment Officer, Capri Investment Group
Maurice Jones, President, Local Initiatives Support Corporation
Gary Rodney, Managing Director, Affordable Housing, Tishman Speyer
Ron Moelis, CEO, L+M Development Partners
Gina Nisbeth, Director, Citi Community Capital
Unsubscribe from Citi Community Capital Announcements.
If you are not the intended recipient of this message, please promptly notify the sender of the transmission error, delete this message and do not disclose or make improper use of it. Electronic messages are not necessarily secure or error-free and can contain viruses, and the sender is not liable for any of these occurrences. Please go to for additional information and other important disclosures. This message is for the internal use of the intended recipients and may contain information proprietary to Citi which may not be reproduced, redistributed, or copied in whole or in part without Citi's prior consent.
Citi Community Capital
© 2020 Citigroup Inc. All rights reserved. Citi and Arc Design is a registered service mark of Citigroup Inc.