Contributions are spread across five organizations to facilitate affordable housing projects in the Southern California area where the bank's 70 retail branches are located. These organizations include CREA ($15 million), R4 Capital ($15 million), WNC ($15 million), Enterprise Investment Partners ($10 million), and the National Equity Fund ($10 million).
"We are proud to partner with these five organizations and play an integral role in addressing the needs of the communities we serve," said Steve Solk, president, CIT Consumer Banking. "Providing affordable housing will drive economic empowerment for residents and families across the Southern California region."
The recent investment will result in over 2,000 units in Southern California assessment area with approximately 60 percent for families, 30 percent for seniors and 6 percent for supportive housing.
"We're making a measurable impact in the community by rehabilitating, preserving, and building affordable housing," said Bryon Reed, senior vice president of Community Reinvestment in California. "CIT Bank is honored to provide this critical financing."
In August, CIT Bank announced a $2.5 million investment in the Clearinghouse CDFI to support affordable housing, small business lending and community facility lending. Earlier this year, another $55 million commitment was made through a partnership with National Equity Fund to support affordable housing across Southern California.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with more than $50 billion in assets as of June 30, 2017. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has more than $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A.