Citi Foundation Launches $20 Million Initiative to Expand Affordable Housing Development Across the United States
The Citi Foundation has announced the launch of a new $20 million Request for Proposals (RFP) aimed at accelerating the development and preservation of affordable housing across the United States. The initiative seeks to address some of the most significant operational and financial challenges facing nonprofit housing developers while supporting efforts to increase the supply of affordable homes in underserved communities.
The funding opportunity, known as the 2026 Housing Supply RFP, is part of Citi’s broader Blueprint for Housing Opportunity initiative. Through the program, 20 nonprofit housing development organizations will each receive grants of $1 million to strengthen their capacity to advance affordable housing projects and help meet growing demand for accessible housing options nationwide.
The announcement comes at a time when housing affordability remains one of the most pressing economic issues in the country. Rising housing costs, limited supply, and increasing financial pressures on households have made it more difficult for many Americans to secure stable and affordable places to live. According to national housing data, nearly half of all renter households are considered cost-burdened, meaning they spend more than 30 percent of their income on housing-related expenses such as rent and utilities.
For many families, these financial pressures limit their ability to save for future goals, invest in education, build emergency savings, or achieve long-term financial stability. As a result, expanding access to affordable housing has become a key priority for policymakers, community organizations, developers, and financial institutions.
The Citi Foundation’s latest initiative is designed to support nonprofit housing developers that play a critical role in addressing these challenges. These organizations often focus on creating affordable housing opportunities in communities that may be underserved by traditional development models. However, nonprofit developers frequently face significant financial barriers during the early stages of housing projects.
The new grants are intended to help bridge those gaps by providing flexible funding that can be used for a variety of pre-development and preservation activities. This includes support for efforts to preserve existing affordable housing units that may otherwise be lost due to aging infrastructure, redevelopment pressures, or changing market conditions.
In addition, funding will help nonprofit developers advance new housing projects through critical early-stage planning activities. These activities often include site evaluations, engineering studies, environmental assessments, architectural design work, appraisals, feasibility analyses, and other technical services required before construction can begin.
Although these pre-development activities are essential to project success, they often require substantial investments long before construction financing becomes available. As a result, nonprofit developers frequently carry financial risks for extended periods while working to move projects through planning, approvals, and financing stages.
Brandee McHale, President of the Citi Foundation and Head of Community Investing and Development at Citi, emphasized the importance of providing support during these early phases of development.
According to McHale, philanthropic funding can serve as a powerful catalyst for accelerating affordable housing projects and helping communities address growing affordability challenges. She noted that nonprofit housing developers are often responsible for advancing projects from concept to completion, frequently covering upfront costs for several years before developments become construction-ready.
By directing funding toward these organizations, the Citi Foundation aims to strengthen the capacity of community-based developers and support their efforts to deliver additional housing opportunities to low-income individuals and families across the country.
The 2026 Housing Supply RFP represents a significant component of the Foundation’s broader housing affordability strategy. The $20 million initiative forms part of a larger commitment to invest $50 million over a five-year period in programs designed to address housing affordability challenges and improve the financial well-being of residents in underserved communities.
This philanthropic commitment is integrated into Citi’s Blueprint for Housing Opportunity initiative, a comprehensive effort focused on expanding access to affordable housing and promoting community development throughout the United States.
Beyond grant funding, the initiative includes a substantial financing commitment from Citi. The company has pledged $60 billion over five years to support affordable housing projects and housing-related initiatives. Through this effort, Citi aims to help finance the creation and preservation of at least 250,000 housing units nationwide.
The combined strategy reflects a recognition that addressing housing affordability requires coordinated action across multiple areas, including financing, development capacity, community partnerships, and policy support.
The latest announcement also builds upon a long history of investment by both Citi and the Citi Foundation in community development programs and housing initiatives. Over the past decade, the Foundation has provided support to a wide range of nonprofit organizations working to increase access to affordable housing, preserve existing housing stock, and promote pathways to homeownership.
Many of these organizations provide technical assistance, housing counseling, financial education, and other resources that help individuals and families navigate housing challenges and achieve greater financial security.
In addition to philanthropic efforts, Citi has maintained a significant presence within the affordable housing finance sector. The company has consistently participated in financing transactions that support affordable housing development and preservation projects across the country.
Its longstanding commitment to the sector has earned industry recognition. Most recently, Citi was ranked as the leading affordable housing lender in the United States by Affordable Housing Finance magazine for the sixteenth consecutive year. The recognition highlights the company’s sustained role in supporting housing initiatives that serve low- and moderate-income communities.
Housing experts continue to emphasize that increasing the supply of affordable homes is one of the most effective long-term solutions to the nation’s housing affordability crisis. However, achieving meaningful progress requires substantial investment, collaboration, and support for organizations capable of delivering housing at the community level.
Through the 2026 Housing Supply RFP, the Citi Foundation aims to empower nonprofit developers with the resources needed to overcome development barriers, preserve critical housing assets, and bring new affordable housing projects to fruition.
As communities across the country continue to face rising housing costs and supply shortages, initiatives such as this are expected to play an important role in expanding housing opportunities, strengthening neighborhoods, and improving economic stability for families who need affordable housing the most.
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