RBS and Citizens Bank provide $180,000 to Fairfield County Collaborative Fund for Affordable Housing
STAMFORD, CT (March 20, 2012) – The Royal Bank of Scotland (RBS), plc and Citizens Bank, through its Foundation, today announced joint grants totalling $180,000 to the Fairfield County Collaborative Fund for Affordable Housing.
The funds will be used to continue the Collaborative’s work of expanding the production of affordable housing by nonprofit and community-based developers in Fairfield County, Connecticut. In 2011, support from the Collaborative helped developers advance 404 units in their affordable housing pipeline and sustain more than 1,350 housing units currently under management.
“We are excited by this opportunity to help the Fairfield County Collaborative Fund build on its already impressive track record of expanding affordable housing in Fairfield County,” said Ellen Alemany, Chairman and Chief Executive Officer of Citizens Financial Group and Head of RBS Americas. “By supporting the wonderful work of the Collaborative, we are helping to strengthen a community where many of our customers and colleagues live and work.”
“This initiative builds on our significant contributions to charitable organizations in the region and underscores our commitment to supporting the children and families in the communities where we live and work,” said Bob McKillip, Co-Head of Markets & International Banking Americas, RBS. “We are proud to join our colleagues at Citizens Bank and the Collaborative in helping to bring homes and stability to neighborhoods in Fairfield County.”
The impact of the joint grants from RBS and Citizens Bank will be significant and immediate. Funds provided will assist with a number of construction projects already underway, including:
- 50 townhouses at Marshall Commons in Stamford, which is located within two blocks of
the Stamford train station for families earning well below the area median income;
- 51 units of affordable apartments for elderly residents at Wilton Commons;
- 8 affordable condominiums in the West Side Neighborhood of Stamford; and
- 42 affordable owner-occupied and rental homes at the East Side Community Initiative in
The Fairfield County Collaborative Fund for Affordable Housing was created in 2006 to address the shortage of affordable housing in the region. This shortage affects residents, families and employers throughout Fairfield County and directly impacts the area’s economic stability and growth. Private sector funders like Citizens Bank and RBS have combined their resources to provide financial and technical support to non-profit affordable developers in Fairfield County.
“With the generous support announced today by RBS and Citizens Bank, our developers can continue to meet a critical demand in this community by creating affordable housing throughout the region, including work in Stamford, Norwalk, Bridgeport Danbury, Ridgefield and Wilton,” said Cathy Ostuw, Chair of The Collaborative’s Steering Committee. “As this work continues, we are excited to continue our partnership with Citizens Bank and RBS.”
The program is managed by Local Initiatives Support Coalition (LISC), a leading community development organization for more than 30 years that specializes in both affordable housing and neighborhood revitalization. LISC partners with local organizations to help neighbors build communities.
The Collaborative Fund provides grants and technical assistance to six nonprofit developers, enhancing their efficiency and productivity. With support from the Collaborative, these developers increased production by 70 percent in 2010, completing 572 units. Since 2006, the Collaborative has provided more than $2.4 million of operating support to these organizations.
In addition to funding, the Collaborative provides a wide-range of programs and services for developers and Community Development Corporations including professional development opportunities, financial management seminars, regulatory compliance training, and an innovative Affordably Green training program that focuses on stabilizing development costs while maximizing energy efficiency.
“Affordable housing is a long-standing and complex issue in Fairfield County and it must be addressed in a comprehensive manner. Everyone has a role to play - the private sector, the public sector and the nonprofit community – and today’s announcement is a great demonstration of what our community can accomplish when we work collectively,” said Stamford Mayor Michael Pavia.
“RBS, Citizens Bank, The Collaborative and LISC should be commended for forging a strong
partnership that will make a lasting, positive impact on our community.”
About RBS Markets & International Banking (M&IB)
RBS Markets & International Banking (M&IB) is a leading banking partner to major corporations, financial institutions, government and public sector clients around the world. M&IB provides an extensive range of products and services in debt financing, global markets, risk management, investor products, financial advisory and transaction services. The division focuses on long-term client relationships and excellence in product execution underpinned by global insight, local knowledge and a prudent and sustainable banking model to meet the evolving market and regulatory backdrop. Committed to serving clients' needs internationally, M&IB has on-the-ground operations in 38 countries.
RBS conducts its U.S. securities business through RBS Securities Inc., a U.S. registered broker-dealer, member of FINRA
(http://www.finra.org) and SIPC (http://www.sipc.org), and an indirect wholly-owned subsidiary of The Royal Bank of Scotland plc. RBS is the marketing name for the securities business of RBS Securities Inc. Copyright © 2012 RBS Securities Inc. All rights reserved.
About The Royal Bank of Scotland Group (RBS)
The RBS Group is a large international banking and financial services company. Headquartered in Edinburgh, the Group operates in the United Kingdom, Europe, the Middle East, the Americas and Asia, serving over 30 million customers worldwide. The Group provides a wide range of products and services to personal, commercial and large corporate and institutional customers through its two principal subsidiaries, The Royal Bank of Scotland and NatWest, as well as through a number of other well-known brands including, Citizens, Charter One, Ulster Bank, Coutts, Direct Line.
About About Citizens Financial Group, Inc.
Citizens Financial Group, Inc., is a $130 billion commercial bank holding company. It is headquartered in Providence, R.I., and through its subsidiaries has more than 1,500 branches, approximately 3,900 ATMs and approximately 19,700 colleagues. Its two bank subsidiaries are RBS Citizens, N.A., and Citizens Bank of Pennsylvania. They operate a 12-state branch network under the Citizens Bank brand in Connecticut, Delaware, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island and Vermont; and the Charter One brand in Illinois, Michigan and Ohio. CFG has non-branch retail and commercial offices in more than 30 states. CFG is owned by RBS (the Royal Bank of Scotland Group plc).
About the Citizens Bank Foundation
Citizens Bank Foundation is a subsidiary of the Citizens Charitable Foundation, which is a charitable contributions vehicle of Citizens Financial Group, Inc., RBS Citizens, N.A., and Citizens Bank of Pennsylvania. The foundation’s support is focused on human services, affordable housing and economic development.