Citi grants $2.7 million toward neighborhood stabilization
Citigroup (C) will commit $2.7 million to a series of nonprofit projects designed to stabilize metro areas saturated with foreclosed homes. The Housing Partnership Network, a collection of nonprofit executives, will grant the money to various projects located around the country over a two-year period. Two of the grants will have a national focus. Citi will provide more money to HPN in order administer and support the program. "Years after the financial crisis, communities are still reeling from the destabilization of neighborhoods, rising foreclosure rates, and stalled regional development," said Thomas Bledsoe, CEO of the HPN. "These grants support projects that promise innovation, success and replicable results." 'Making our communities more livable is essential to helping underserved populations get on a path to long-term stability," said Pam Flaherty, CEO of the Citi Foundation. The projects involve property preservation efforts as well as housing counseling and rental initiatives. The benefiting metro areas are based across the United States, in cities such as Atlanta, Boston, Chicago, Cleveland and New York City. Some smaller municipalites, such as Springfield, Mass. will also get a boost. Write to Jon Prior. Follow him on Twitter @JonAPrior.