Today, Citi announced $500,000 in emergency funding to five community
organizations to expand their relief efforts in neighborhoods across New
York City, Long Island and New Jersey that are struggling in the
aftermath of Hurricane Sandy. This latest funding is part of Citi's
support of relief and recovery efforts in the region's hardest hit
"Much of the recovery work is just beginning, and Citi is continuing to
engage with our local nonprofit partners and government leaders to
support this critical effort," said Citi CEO Michael Corbat. "We are
committed to doing our part to help the region recover and rebuild in
the weeks and months ahead."
Citi's additional funding will immediately boost the capacity of
community-based organizations to continue to provide frontline support
ranging from emergency home repair loans to assistance filing important
paperwork like insurance claims and disaster assistance application
forms required by the Federal Emergency Management Agency (FEMA).
"Because of the enormous geographic scope of Hurricane Sandy, many
communities have been affected in very different ways and they are now
confronting a range of challenges based on the storm's impact," said Bob
Annibale, Global Director of Citi Microfinance and Community
Development. "Frontline community-based organizations are critical to
the social and economic health of many of these severely affected
neighborhoods. Our support for these organizations, many of which have
been working in these communities for decades, will help ensure the
right resources and assistance are quickly directed to those who are
most in need."
Organizations slated to receive funding include:
The support of Citi Community Development builds on Citi's efforts
during the past ten days to assist with the post-Sandy response
throughout the region. In the immediate aftermath of the storm, the Citi
Foundation supplemented its annual $500,000 grant to the American Red
Cross with an emergency $1 million donation to help the organization
with rapid relief efforts. Citi also made contributions to organizations
focused on local recovery efforts, and Citi volunteers delivered food,
water and other necessities to many of the area's most hard-hit
communities. Citi has also donated $50,000 to the Staten Island-based
Stephen Siller Tunnel to Towers Foundation for relief efforts, and
$50,000 to the Friends of Hudson River Park for repair efforts.
The company also enabled Citi ThankYou® Rewards members to use their
points to make donations to the Red Cross at www.thankyou.com.
Citi also took steps to help its customers through this difficult time
by providing financial recovery solutions, access to cash, and certain
fee waivers, as well as waivers for late payment charges, payment
extension or forbearance options, and a temporary suspension on
foreclosure sales for impacted homeowners in designated areas.
Citi, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citi provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities
brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com
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Citi Community Development
Citi Community Development is leading Citi's commitment to achieve
economic empowerment and growth for underserved individuals, families
and communities by expanding access to financial products and services,
and building sustainable business solutions and innovative partnerships.
Our focus areas include: commercial and philanthropic funding;
innovative financial products and services; and collaborations with
institutions that expand access to financial products and services for
low-income and underserved communities. For more information, visit www.citicommunitydevelopment.com.
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