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Citizens Bank Pledges $104M to Revitalize Neighborhoods

PHILADELPHIA-In one of its largest-ever investment initiatives here, the

By Marita Thomas | Updated on April 14, 2003

PHILADELPHIA-The local headquarters of Citizens Bank of PA pledges $104.3million over five years to support revitalization efforts underway in thecity’s most economically depressed neighborhoods. The comprehensiveinvestment program encompasses housing initiatives, property acquisition,small business development, and neighborhood safety and beautification.

Specifically, it will provide more than $50 million in mortgage and homeimprovement loans at below market interest rates to low- and moderate-incomecensus tracts, including multifamily properties, and $25 million in smallbusiness loans. Both of these programs join Mayor John Street’s ongoingNeighborhood Transformation Initiative.

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