Pasadena’s CIT Bank Commits $150,000 to Help Bring More Affordable Housing to Los Angeles County

CIT Bank, the banking subsidiary of Pasadena-based CIT Group Inc., has provided a grant of $150,000 in support of the Los Angeles Local Initiatives Support Corporation (LA LISC) Housing Development Training Institute.

The grant will support training the next generation of affordable housing professionals to lead local organizations and make a long-lasting impact on the Southern California community, according to a statement from CIT.

“With the demand for sustainable housing increasing, Southern California needs a strong pipeline of talent committed to solving our affordable housing crisis,” Steve Solk, President of Consumer Banking at CIT. “CIT is pleased to support the effort to educate and mobilize the future leaders of our community to tackle this challenge.”

Under the program, about 35 developers and 45 project managers will complete intensive training programs focusing on the key development stages and financial issues of affordable housing development over the next 12 months.

Tunua Thrash-Ntuk, LA LISC Executive Director, said they are thrilled to partner with CIT to ensure organizations can meet rising affordable housing needs in Southern California.

“We estimate that CIT’s contribution will ultimately result in the development of more than 2,500 units of affordable housing from 2018-2020,” Thrash-Ntuk said.

LA LISC is one of 31 local LISC offices that support community development in cities and rural areas throughout the country.
To learn more about LA LISC, visit www.lisc.org/los-angeles.

CIT’s banking subsidiary includes the OneWest Bank Southern California branch network. For more information, visit www.cit.com.