NEW YORK CITY-Working together to preserve affordable units, Citi Community Capital and Rose Investments, a division of New York City-based development firm Jonathan Rose Cos., is launching a $75 million fund aimed at affordable housing investments along the Eastern seaboard, GlobeSt.com has learned. The fund—targeting urban areas of Connecticut, New Jersey and metro-Washington, DC—will acquire and renovate existing multifamily properties with new green features, as well as evaluate select investments for the development of energy-efficient apartment buildings.

“We are focusing on existing affordable housing projects that do have mass transit accessibility, whether its trains, bus lines or walkability,” Wendy Rowden, managing director of Rose Investments, tells GlobeSt.com. “They happen to be terrific investments looking at it from an investment perspective, but they are also important for low-income families because transportation costs are a big part of people’s disposable income, so providing quality, affordable housing that is transit-accessible is really critical.”

The fund represents the latest in a series of transactions through which Citi has brought capital to the affordable housing space. In the last two years, the investment bank has committed nearly $9.4 billion in community development activities including the creation and rehabilitation of 57,000 units of housings, all of which that have an affordable component in the apartment complex.