Citizens commits $1B to affordable housing

PROVIDENCE – RBS Citizens Financial Group has announced a $1 billion commitment to fund affordable housing and community-development projects across its 12-state footprint.
One of the projects is RBS Citizens’ $10 million Low Income Housing Tax Credit equity investment in Red Stone – 2013 National Fund LP, to be used by M&J Development Co. to construct North Cove Landing, 38 garden-style units in North Kingstown.
“Our focus on supporting the communities we serve has never been more central to our work as a
bank and we’re proud to express our continuing long-term commitment to community development
with this $1 billion initiative over the next five years,” said Robert Matthews, vice chairman of
commercial banking for RBS Citizens Financial Group.
“We are excited for this work to begin and have already established the necessary foundation with the creation of our Community Development Division, which is now identifying opportunities to make a difference in the communities where we live and work,” said Matthews.