Pasadena’s CIT Provides $55 Million to Jumpstart Two Affordable Housing Developments for Homeless Vets and Families

Published : Thursday, June 27, 2019 | 4:48 AM

CIT Bank, the banking subsidiary of Pasadena-based CIT Group Inc., announced Wednesday a total community investmenty investment of $55 million in support of two East LA Community Corporation (ELACC) affordable housing developments: El Nuevo Amanecer and Rosa de Castilla.

Together, the complexes will provide 146 units once completed, including 80 units of permanent supportive housing for homeless veterans and 42 units for low-income families.

Both loans were provided through CIT’s recently launched Community Investment Load Program, which provides support for affordable housing and community facilities across Southern California.

“Veterans have served our country at the highest level and we are honored to provide them the opportunity to live in quality, affordable housing,” Claudia Lima, Director of Community Lending and Investments for CIT, said. “Strengthening the neighborhoods where we live and work is one of our top priorities. Together with ELACC, CIT is committed to enhancing the lives of local residents through these impactful projects.”

Isela Gracian, President of the ELACC, said CIT’s support enable their organization to improve the quality of life for local veterans and families in the East L.A. and Boyle Heights communities.

“By providing newly constructed homes affordable to them along with supportive services, we are part of getting veterans off the streets and into a safe place they can call home,” Gracian said.

Earlier this month, CIT joined ELACC, County Supervisor Hilda Solis and other community partners for the groundbreaking of the El Nuevo Amanecer property. Residents at the completed project will have access to resources provided by ELACC’s Tenant Services, such as after-school tutoring and financial literacy classes. The project will have commercial ground floor retail space and ample amenities including laundry rooms, two community rooms, a recreational courtyard, a fitness room, a community garden and terrace, and bicycle parking.

Construction is expected to be completed by the end of 2020.

Rosa de Castilla, located in LA’s Rose Hills neighborhood, will consist of 85 units, with 49 units for permanent supportive housing for veterans, 14 units for general permanent supportive housing, and 20 units for low-income families.

New Directions for Veterans, an ELACC partner, will provide on-site services for homeless veteran residents at both properties, including a full-time individual case management, mental and supportive health services, employment and educational services.

CIT Group also includes the One West Bank Southern California branch network. In 2018, CIT committed $94 million in investments and $73 million in loans to promote affordable housing for Southern California residents.

As a financial holding company, CIT has over a century of experience and approximately $50 billion in assets as of March 31, 2019.

For more information, visit www.cit.com.

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