Bank of America and Citigroup Funding Affordable Housing in New York Settlements
New York Attorney General Eric Schneiderman announced on Wednesday that Bank of America Corp. and Citigroup Inc. will be providing $75 million to rehabilitate 2,200 rental units statewide.
The hefty sum is part of a settlement stemming from an agreement to help resolve mortgage-bond practices that led to the 2008 financial crisis.
“New Yorkers were hurt in many ways by the housing crisis,” Schneiderman said. “My office has been creative in finding new ways to help New Yorkers recover.”
Image via flickr/Rob Young