Citizens Bank provides loan for Cherry Hill affordable housing

Citizens Bank has announced that its Community Development Group has provided a total of $36 million in construction loans for four separate affordable housing projects in Greater Philadelphia.

Citizens provided a $5 million construction loan to Springdale II Urban Renewal Associates, LLC, whose sponsor is Pennrose LLC, for the construction of 79 units of senior affordable housing plus one manager’s unit in Cherry Hill to be located at 1721 Springdale Road. 

“These projects meet a crucial need in the community and are another sign of Citizens’ strong commitment to support more housing options for residents of Greater Philadelphia,” said Daniel K. Fitzpatrick, President of Citizens Bank, Mid Atlantic Region and Head of National Industry Verticals Banking.

Citizens’ Community Development Group is committed to improving the economic vitality of our communities and the financial acumen of our fellow citizens. The Group has committed more than $3 billion in loans and investments to support the development and rehabilitation of affordable housing units and economic revitalization activities in our communities. 

These efforts have resulted in more than 20,000 new or rehabilitated housing units and the development of more than 460,000 square feet of commercial space in low- and moderate-income communities served by Citizens. Through Citizens’ Financial Education Community Ambassador program, more than 500 Community Ambassadors have delivered Financial Education sessions to more than 82,600 fellow citizens.