Pursuits
BofA, Citigroup to Fund Affordable Housing in N.Y. Settlements
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New York City’s affordable housing stock will get a boost from Bank of America Corp. and Citigroup Inc. as part of settlements resolving mortgage-bond practices that led to the 2008 financial crisis.
New York Attorney General Eric Schneiderman will announce a deal Wednesday under which the banks will provide $75 million to build or rehabilitate 2,200 rental units in the city and 1,500 elsewhere in the state. The money, which would be used to fund low-interest loans, will count as “consumer relief” that the banks pledged to provide under multibillion-dollar national settlements last year.