FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Press Releases / Read Press Release


CIT Backs Two Affordable Housing Developments for Homeless Vets & Families

June 27, 2019, 09:00 AM
Filed Under: Construction
Related: CIT Bank

CIT Bank, N.A., the banking subsidiary of CIT Group Inc., 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."

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.

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.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.