Citi has announced a $60 billion, five-year initiative to support housing affordability, with a goal of creating or preserving at least 250,000 units nationwide. In addition, Citi Foundation will deploy another $50 million in philanthropic grants to nonprofits addressing housing challenges and supporting the financial health of residents in their communities.
The new Blueprint for Housing Opportunity initiative builds on the corporation’s extensive track record in affordable housing.
Citi Community Capital (CCC), which is responsible for the vast majority of Citi’s activity in the space, financed more than $32 billion in affordable multifamily housing lending over the past five years. This includes $7.6 billion in 2025, which supported more than 35,000 units across more than 30 states.
“Institutionally, this goes beyond Citi Community Capital,” says Jeremy Johnson, head of CCC. “The initiative focuses on housing affordability and not just affordable housing. It’s about increasing the supply of multifamily housing and us contributing to that effort in any way that we possibly can.”
The initiative will provide additional capital resources for CCC to do more affordable housing lending and investing, and it opens the door to do more work in other areas of the multifamily housing market that aren’t specifically affordable housing, according to Johnson.
“If you look at the housing affordability crisis, it spans much of the market, and we’re trying to focus on helping with the housing affordability issue across the country as a whole,” he tells Affordable Housing Finance.
This may include workforce housing that doesn’t have deed restrictions or some middle-income housing, according to Johnson.
In unveiling the “Blueprint for Housing Opportunity,” Citi says advocacy will be a key part of the initiative.
According to Citi’s announcement, policymakers across the political spectrum are focused on addressing housing affordability and increasing supply, but more action is needed.
While noting the recent expansion of the low-income housing tax credit (LIHTC), Citi adds there is an opportunity to help the credit go even further for American communities and families. For example, by improving the liquidity of LIHTC for outside investors, this approach would attract more private capital to support affordable housing projects.
“We’ve been a leader in the space in terms of deploying capital, and now we’re making an effort to be a leader in other ways, including advocacy in terms of generating and preserving affordable housing units,” says Johnson.
In the announcement, Citi adds that investing in residents is another critical piece of ensuring housing stability, and Citi Foundation’s $50 million in grants to nonprofits will help support the financial health of families living in their communities.
The Foundation is starting with a $1 million award to the Center for Affordable Housing Lending, the nonprofit research partner to the National Association of Affordable Housing Lenders (NAAHL). This grant will help establish the Housing Supply Research & Fellowship Program to tackle challenges that are top of mind for policymakers and the housing finance community.
“Affordable housing is one of the most pressing challenges facing communities across the country. Solving this problem requires investment in research, innovation, and mission-focused solutions,” says NAAHL president and CEO Sarah Brundage. “Citi and Citi Foundation’s long track record reflects a commitment to finding tools that work and matching scale with on-the-ground expertise. Citi Foundation’s catalytic support will enable the center to meet the moment and advance impactful affordable housing solutions.”