The Royal Bank of Scotland (RBS), plc and Citizens Bank, through its Foundation, will provide joint grants totalling $180,000 to the Fairfield County Collaborative Fund for Affordable Housing.
The funds will be used to continue the Collaborative's work of expanding the production of affordable housing by nonprofit and community-based developers in Fairfield County. In 2011, support from the Collaborative helped developers advance 404 units in their affordable housing pipeline and sustain more than 1,350 housing units currently under management.
"We are excited by this opportunity to help the Fairfield County Collaborative Fund build on its already impressive track record of expanding affordable housing in Fairfield County," said Ellen Alemany, chairman and chief executive officer of Citizens Financial Group and head of RBS Americas. "By supporting the wonderful work of the Collaborative, we are helping to strengthen a community where many of our customers and colleagues live and work."
The impact of the joint grants from RBS and Citizens Bank will be significant and immediate. Funds provided will assist with a number of construction projects already underway.