Citigroup, L + M launch NYC affordable housing fund

Citigroup and L + M Development Partners have launched a $100 million
preservation fund for affordable housing in the New York City
metropolitan area, the companies announced today. Intended as a source
of capital for Mayor Michael Bloomberg’s affordable housing initiative,
the fund will invest in properties at risk of becoming unaffordable to
low- and moderate-income families, with the goal of financing the
preservation and rehabilitation of at least 2,000 affordable apartments
in the area over the next three years. An affiliate of L +M will act as
managing member for the fund, while Citigroup affiliate Citi Community
Capital will provide debt financing for the fund’s projects. TRD