Pasadena-Based CIT Bank Launches Community Investment Loan Program

Published : Tuesday, December 11, 2018 | 12:53 PM

CIT Bank N.A., the banking subsidiary of CIT Group Inc., Tuesday announced a new Community Investment Loan Program offering construction loans and permanent financing for multifamily affordable housing and community facilities across Southern California. CREA LLC, a trusted real estate advisory firm, will support CIT with the affordable housing portion of the program.

“CIT is pleased to expand its community investment efforts in Southern California to ensure residents have access to affordable housing as well as essential community services such as health centers, schools and public safety centers,” said Steve Solk, president of Consumer Banking for CIT. “This new program builds on our investments in affordable housing developments and low-income housing tax credits to serve our local community.”

“CREA is proud to partner with CIT to help create high-quality affordable housing across Southern California,” said Gary Rodney, chairman of CREA. “Together we will provide an outstanding debt and equity financing platform, streamlined process and competitive terms for local affordable housing developers.”

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 2017, CIT committed $87.5 million to develop 7,000 affordable housing units for Southern California residents.

For more information on the program visit cit.com/about or contact CommunityInvestments@cit.com.

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