|[November 09, 2012]
Citi Announces $500,000 to Support Community-Based Organizations on the Frontline of Hurricane Sandy Relief Efforts
NEW YORK --(Business Wire)--
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:
Long Island Housing Partnership is participating in numerous
initiatives to help Long Islanders recover, including restoring
electrical power and plumbing in low- to moderate-income (LMI)
communities and assisting those displaced in relocating to temporary
housing. As of this week, more than 260,000 homes were still without
power in Long Island and almost 39,000 families have applied for
assistance from FEMA. LIHP has requested the authority to use
Homeownership Emergency Assistance Program (HEMAP) funds for emergency
loans to address these issues while homeowners await funds from FEMA
or private insurance sources.
Margert Community Corporation in the Rockaways, Queens, has set
up temporary headquarters to begin assisting the 1,000 area residents
it serves with housing, support filing applications for FEMA
assistance, and foreclosure prevention services. The Rockaway
community was hit particularly hard by the storm. More than 19,000
homes remain without power nd many homeowners suffered severe damage.
Ironbound Community Corporation in Newark, New Jersey, will
devote its two Family Success Centers to offering a broad range of
relief assistance including support for families filing applications
for FEMA assistance and insurance claims to repair their homes. The
Ironbound community experienced some of the heaviest flooding in the
Neighborhood Housing Services of Staten Island has established
a special Staten Island Recovers Disaster Assistance Program to
provide emergency loans to repair hurricane-damaged properties.
Asian Americans for Equality (AAFE) will offer homeowners
emergency loans in communities across New York City. The loans will
help homeowners and tenants meet their immediate, short-term repair
needs, enabling them to return home sooner.
"Our strategy is to provide the most vulnerable with relief and vital
support with the myriad challenges they face," said Christopher Kui,
Executive Director of AAFE. "Funding from Citi will go directly to
assisting families in dealing with displacement, financial disruption,
filing important paperwork and, in some cases, injured family members."
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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