Citi Provides $15 Million in Financing to Renovate Bedford Stuyvesant’s Restoration Plaza

Citi (NYSE: C) today announced that the Company is providing $15 million in financing for the renovation of Bedford Stuyvesant Restoration Corporation’s Restoration Plaza. The financing will consist of an $11.4 million short-term bridge loan and a $4 million New Markets Tax Credit Investment. Citi also announced it has donated an additional $200,000 to the Centers for Financial Empowerment in partnership with the Bedford Stuyvesant Restoration Corporation (BSRC).

For decades, Citi has provided project financing, direct financial contributions and financial services to the BSRC. Restoration Plaza, at the heart of Fulton Street, is one of Bedford-Stuyvesant's most familiar landmarks. Owned and managed by BSRC, Restoration Plaza functions as a town square and major destination for education, commerce and culture in Central Brooklyn. The renovation of Restoration Plaza is a multi-phased capital improvement initiative to facilitate the expansion of program capacity for BSRC. BSRC expects the renovation to further stimulate economic growth in the Bedford-Stuyvesant community by modernizing [and increasing the use of] the facility, enabling existing and new tenants to add new jobs.

Vikram Pandit, Citi’s Chief Executive Officer, was joined in this announcement today by New York City Deputy Mayor for Health and Human Services Linda Gibbs, Consumer Affairs Commissioner Jonathan Mintz and President and Chief Executive Officer of Bedford Stuyvesant Restoration Corporation Colvin Grannum.

Vikram Pandit said, "We are proud to be a historic partner of the Bedford Stuyvesant Restoration Corporation and to be a part of these important projects. We understand and appreciate the important role that the organization plays in providing essential services and financial education to the Bed-Stuy community.” Mr. Pandit outlined details of Citi’s financial commitment and donation at the Bedford Stuyvesant Restoration Corporation’s offices in downtown Brooklyn.

Colvin W. Grannum, President and Chief Executive Officer of Bedford Stuyvesant Restoration Corporation, said, "We are grateful to Citi for its willingness to finance this important project. Their participation will ensure the success of renovating Restoration Plaza and will drive economic growth in Bedford Stuyvesant and the surrounding communities. Our mission is to improve the quality of life of Central Brooklyn by fostering economic self sufficiency, enhancing family stability and growth, promoting the arts and culture and transforming the neighborhood into a safe, vibrant place to live, work and visit. Citi’s commitment to us helps us achieve this mission.”

The $200,000 donation to the BSRC Center for Financial Empowerment is in addition to the $200,000 donation Citi gave to support Mayor Bloomberg’s initiative to open Financial Empowerment Center's in each borough in May. The Financial Empowerment Centers are designed to offer free, one-on-one financial counseling and coaching to low income NYC residents.

"New York’s innovative anti-poverty strategy, led by the Center for Economic Opportunity, has resulted in people moving into more stable careers and providing financial counseling services is an important factor in the equation,” said Deputy Mayor for Health and Human Services Linda Gibbs. "Citi’s renewed and generous commitment is a tremendous help to our efforts, particularly in these tough economic times, and we are extremely grateful.”

"The Financial Empowerment Centers across the City have helped thousands of New Yorkers get control of their finances in times of crisis, helping them pay down debt, create and stick to reasonable budgets and save for future goals,” said Consumer Affairs Commissioner Jonathan Mintz. "With this additional funding, the Office of Financial Empowerment can continue to provide these much-needed services to City residents. We encourage all New Yorkers to call 311 today if they are seeking help with their finances.”

Restoration Plaza is home to the Billie Holiday Theatre, Skylight Gallery and the Youth Arts Academy, and plays host to weddings, outdoor concerts and community events all year long in both its ample community rooms and outdoor amphitheater. It is anchored by Super Foodtown, a 25,000-square foot full-service supermarket, and Applebee's Bar & Grill, the first nationally branded sit-down restaurant in Bedford-Stuyvesant in over thirty years. The complex is also home to a Duane Reade pharmacy, a post office, three full service banks and an extension campus of the College of New Rochelle. Easily accessible and within blocks of major bus, subway and railroad lines, there are an estimated 1.5 million visits to Restoration Plaza each year.

Funding for BSRC's Restoration Plaza is made possible by Citi Community Capital (CCC), a premier financial partner with nationally recognized expertise in financing all types of affordable housing projects. CCC’s origination, structuring, asset and risk management staff across the country provide creative financing solutions designed to meet its clients' needs.

The Financial Empowerment Centers, administered by the Department of Consumer Affairs’ Office of Financial Empowerment and part of the City’s anti-poverty strategy under the Center for Economic Opportunity, are part of Mayor Bloomberg’s 18 initiatives announced last fall to provide targeted relief to the City’s most vulnerable populations during these difficult economic times. OFE supports asset building, financial education and protection from predatory practices for low-income New Yorkers through a wide array of innovative projects. OFE is leading a national coalition, Cities for Financial Empowerment, and members are replicating several of OFE’s research and programmatic initiatives, such as a study of how low-income households use financial services, a network of financial education providers, and new financial services for low-income households. Senator Charles Schumer (D- New York) recently introduced legislation that would establish a similar entity at the Federal level. There are four Financial Empowerment Center’s citywide -- one in Brooklyn, Queens, Manhattan and the Bronx – anyone interested in services through the Center should call 311 or visit www.nyc.gov.

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

About Bedford Stuyvesant Restoration Corporation

Bedford Stuyvesant Restoration Corporation, the nation's first community development corporation, partners with residents and business to improve the quality of life of Central Brooklyn by fostering economic self sufficiency, enhancing family stability and growth, promoting the arts and culture and transforming the neighborhood into a safe, vibrant place to live, work and visit. A 501(c)(3) nonprofit corporation, Restoration is a dynamic institution that creates significant, sustainable and demonstrable impact in improving the well being of local residents and business.