Citi Gives $2.75m for Neighborhood Stabilization Programs

Multinational financial services company Citigroup was bailed out by federal stimulus funds after taking large losses on bad mortgages. Today, Citi Foundation is helping fund projects in 10 metro areas to increase stability and prevent foreclosures.

In a press release yesterday, The Citi Foundation announced a $2.75 million grant to the Housing Partnership Network, and specifically to fund their Innovations in Neighborhood Stabilization and Foreclosure Prevention Initiative:

"The initiative will provide leading community-based housing organizations with grants and other resources to support high-impact neighborhood revitalization projects that can yield important lessons and be replicated in communities across the country.

The grant awards will fund 10 different neighborhood stabilization initiatives over a two-year period, and will be managed by 12 HPN member organizations. Two of the grants have a national focus, while the others target specific communities that have been heavily impacted by mortgage delinquency and foreclosure."

Full Story: Housing Partnership Network and Citi Foundation Launch Fund to Advance Innovations in Neighborhood Stabilization



Please remove this from the news section.

Wow, Citi donated $2.75 million? That's a whole 0.25% of their profit last year. This is simply a minimal expenditure on their part so they can act like they're being good corporate citizens, cleaning up the mess that they created. They'll probably spend more on advertising that mentions this grant program than they will on the program itself.

This story infuriates me almost as much as the Bank of America commercials we have here in DC that boast about BofA's "contributions" to the community. The ads feature lots of smiling black children with a voiceover describing how BofA "supports" housing stabilization and other community programs in Anacostia, one of DC's poorest neighborhoods. Never mind all those people they foreclosed on, further cementing the cycle of poverty - we're just supposed to forget about all that and not care that they're going to start charging us $5 a month to use our debit cards. I'm certainly not anti-bank, but I am vehemently opposed to corporations that think they can throw a few dollars at some do-good programs and everyone will just forget about the awful mess they've created.

I enjoy reading the news stories on Planetizen, but I'm disappointed that this was included in the news section. This "story" has no place here; please remove the link to it.

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