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Citizens Bank Provides $3MM Loan for Affordable Housing Development

October 18, 2016, 07:09 AM
Filed Under: Industry News
Related: Citizens Bank

Citizens Bank announced its Community Development Lending Group is providing a $3 million loan that will enable the rehabilitation of affordable housing units in Fall River.
NHP Foundation is sponsoring Ships Cove Preservation Partners, LP on the project to rehabilitate 201 units of affordable housing located at 130 Canal St. in Fall River. Incorporated as a nonprofit in 1989, New York-based NHP Foundation, a new Citizens client, has preserved 60 multi-family properties with approximately 12,000 apartment units.
“We greatly value our new partnership with Citizens Bank and appreciate the Community Development Lending Group’s great ideas and quick execution,” said Patrick Fry, Senior Vice President of the NHP Foundation. “Citizens has a very strong commitment to affordable housing and to Massachusetts.”

“This project meets a critical need in the Fall River community and Citizens’ involvement is a sign of our commitment to supporting affordable housing,” said Jerry Sargent, president of Citizens Bank, Massachusetts.

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