CIT Provides $55 Million to Jumpstart Two Affordable Housing Developments for Homeless Vets and Families

Jun 27, 2019 9:25 AM ET
Press Release

PASADENA, Calif., June 27, 2019 /3BL Media/ - CIT Bank, N.A., the banking subsidiary of CIT Group Inc., today announced a total community investment of $55 Million in support of two East LA Community Corporation (ELACC) affordable housing developments, El Nuevo Amanecer and Rosa de Castilla.1 Together, the complexes will provide 146 units once completed, including 80 units of permanent supportive housing for homeless veterans and 42 units for low-income families.

Both loans were provided through CIT’s recently launched Community Investment Loan Program, which provides support for affordable housing and community facilities across Southern California.

“Veterans have served our country at the highest level and we are honored to provide them the opportunity to live in quality, affordable housing,” said Claudia Lima, director of Community Lending and Investments for CIT. “Strengthening the neighborhoods where we live and work is one of our top priorities. Together with ELACC, CIT is committed to enhancing the lives of local residents through these impactful projects.”

“CIT’s partnership and support enables us to improve the quality of life for local veterans and families in the East LA and Boyle Heights communities,” said Isela Gracian, president of East LA Community Corporation. “By providing newly constructed homes affordable to them along with supportive services, we are part of getting veterans off the streets and into a safe place they can call home.”

About El Nuevo Amanecer
Earlier this month, CIT joined ELACC, Supervisor Hilda Solis and additional community partners for the groundbreaking of the El Nuevo Amanecer property in East LA. Residents at the completed project will have access to resources provided by ELACC’s Tenant Services, such as after school tutoring and financial literacy classes, as well as commercial ground floor retail space and ample amenities including laundry rooms, two community rooms, recreational courtyard, fitness room, community garden and terrace, and bicycle parking. Construction is expected to be completed by the end of 2020.

About Rosa de Castilla
Located in the Rose Hills neighborhood of LA, the Rosa de Castilla property will consist of 85 units, with 49 units for permanent supportive housing for veterans, 14 units for general permanent supportive housing, and 20 units for low-income families.

ELACC partner New Directions for Veterans will provide on-site services for homeless veteran residents at both properties, including a full-time individual case management, mental and supportive health services, employment and educational services.

CIT's banking subsidiary is based in Pasadena, CA, and includes the OneWest Bank Southern California branch network and the national online bank CIT Bank. In 2018, CIT committed $94 million in investments and $73 million in loans to promote affordable housing for Southern California residents. 

About CIT
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, approximately $50 billion in assets as of March 31, 2019, and operates a principal bank subsidiary, CIT Bank, N.A. (Member FDIC, Equal Housing Lender). The company's commercial banking segment includes commercial financing, real estate financing, equipment financing, factoring and railcar financing. CIT's consumer banking segment includes its national online bank, CIT Bank, and a Southern California branch bank, OneWest Bank. Discover more at cit.com/about.

About ELACC
East LA Community Corporation (ELACC) advocates for economic and social justice in Boyle Heights and East Los Angeles by building grassroots leadership, developing affordable housing and neighborhood assets, and providing access to economic development opportunities for low and moderate income families. Since 1995, ELACC has leveraged over $230 million in real estate development and programs, resulting in 753 units of affordable housing and 271 additional units in development and counting. Learn more at elacc.org.

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CIT MEDIA RELATIONS:               

Olivia Weiss
212-771-9657
olivia.weiss@cit.com

 


1 $28.75 million will support El Nuevo Amanecer including a construction loan of $23.5 million and permanent loan of $5.25 million. $26.65 million will support Rosa de Castilla.