Jeopardy
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.
Application
Questions can be addressed to: gina.d.nisbeth@citi.com
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
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