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Citibank NMTC Corporation
New York NYCDFI Awards for Citibank NMTC Corporation
NMTC (2009) - $90,000,000
Citibank NMTC Corporation (Citibank) intends to target 50 percent of its activities toward not-for-profit healthcare projects such as ambulatory health clinics, thereby providing living wages and critical services to low-income individuals. The balance will be targeted towards projects helping to revitalize and sustain low-income communities, such as increasing educational services and rehabilitation of projects in highly distressed areas. Citibank will offer products with flexible, concessionary terms and rates to finance projects and businesses that otherwise could not obtain financing due to the distressed conditions of the community, credit quality of potential borrowers, and thin capitalization or lack of track record of sponsoring entities.
NMTC (2008) - $31,250,000
Citibank NMCT Corporation (Citibank) intends to target 75 percent of its activities toward real estate projects, such as mixed-use facilities and community centers, which will provide living wage jobs, goods and services to low-income individuals; and 25 percent of its activities towards operating businesses that deliver critical goods and services to low income communities. Citibank will offer products with flexible, concessionary terms and rates to finance projects and businesses that otherwise could not obtain financing due to the distressed conditions of the community, credit quality of potential borrowers, and thin capitalization or lack of track record of sponsoring entities. With its NMTC allocation, Citibank will also be able to offer a new, stand-alone equity product.
NMTC (2006) - $100,000,000
The Citibank NMTC Corporation will use its NMTC allocation to provide community facility and commercial real estate loans to finance the development of charter schools, community facilities, for-sale housing, industrial, mixed-use, office, and retail projects. The NMTC allocation will enable Citibank NMTC Corporation to create new products, such as subordinated debt, and to subsidize existing loan products in order to reach a broader base of distressed communities. Flexible lending features will include lower origination fees, below-market interest rates, higher loan to value ratios and longer interest only periods.
Other Community Development Financial Institutions in New York
AAFE Community Development Fund
New York
ACCION New York
New York
Adirondack Economic Development Corporation
Saranac Lake
Akwesasne Indian Housing Authority
Hogansburg
BOC Capital Corp.
Brooklyn
Carver Federal Savings Bank
New York
CDCLI Funding Corporation, Inc.
Centereach
Citibank NMTC Corporation
New York
Commercial and Industrial Capital Corporation
Staten Island
Credit, Inc.
Bronx
GS New Markets Fund
New York
HEDC New Markets, Inc
New York
Home Headquarters, Inc.
Syracuse
Iroquois Venture Corporation
Hogansburg
JobStart Chautauqua, Inc.
Mayville
MSD New Markets, Inc
New York
Nos Quedamos
Bronx
NYCB Community Development Corp
Westbury
Progressive Neighborhood FCU
Rochester
Project Enterprise
New York
Seedco
New York
Seedco Financial Services
New York
Seneca Nation of indians
Salamanca
Sephardic Angel Fund
Brooklyn
St. Charles Borromeo Church FCU
New York
The Disability Fund, Inc.
Albertson
UA, LLC
New York
Westchester Housing Fund, Inc.
Hawthorne
Women"s Venture Fund, Inc.
New York
Featured Government Grant Resources
Program for Investment in Micro-Entrepreneurs Technical Assistance
The Program for Investment in Micro-Entrepreneurs Technical Assistance Program is designed to decrease the number of disadvantaged micro-entrepreneurs by helping them enhance their management capabilities, by way of providing them with technical assistance and training in the areas concerning activities that are associated with starting, expanding and growing their businesses.
Minority Business Enterprise Centers for Minority-Owned Businesses
The The Minority Business Development Agency has recently constituted the Minority Business Enterprise Centers (MBEC) Program wherein it aims to support minority-owned businesses by providing them with electronic and one-on-one business development services for a reasonably nominal fee.
Social Entrepreneurship
Spotlight
When it Comes to Social Enterprises, Failure is the Best Platform for Innovation
In the world of social enterprises, failure is a cringe-worthy moment nobody wants to talk about. But, social entrepreneurs can benefit from their failures.
