Wall Street is increasingly turning its attention to the nation’s housing shortage—which by some estimates stands at 5.5 million—and has been widely blamed for driving up home prices. Citi is the latest to respond, unveiling a $60 billion, five-year housing affordability commitment aimed at boosting supply nationwide. The bank says the initiative could help create and preserve at least 250,000 homes across the country.
The announcement came as Citi debuted its Blueprint for Housing Opportunity Initiative. Alongside its financial pledge, the Citi Foundation announced $50 million in grants to nonprofits tackling housing challenges at the local level. That includes a $1 million grant to the Center for Affordable Housing Lending in launching the Housing Supply Research & Fellowship Program.
“Housing affordability is one of the defining economic challenges of our time, and increasing supply is essential to addressing it,” Jane Fraser, chief executive officer of Citi, said in a statement. “By expanding the amount of financing we provide for affordable housing, we open possibilities for prosperity, helping more Americans secure housing they can truly afford. When people spend less on housing, they have more to invest in their families and futures.”
Citi has long been active in affordable housing finance. Over the past five years, Citi Community Capital has financed more than $32 billion in affordable multifamily housing over the past five years. That includes $7.6 billion last year alone in creating and preserving more than 35,000 units across more than 30 states.
Its latest $60 billion commitment will fund the acquisition, construction, rehabilitation and long-term financing of affordable housing, including for essential workers and low- and moderate-income households, developments offering supportive services and toward lower-cost rental options in high-priced markets. With builders facing rising construction and operating costs, Citi says expanded financing can help developers and government entities move more affordable projects forward.
“Affordable housing is one of the most pressing challenges facing communities across the country,” says Sarah Brundage, president and CEO of the National Association of Affordable Housing Lenders and the Center for Affordable Housing Lending. “Solving this problem requires investment in research, innovation and mission-focused solutions.”
Other lending giants also have been stepping up to address the nation’s housing affordable shortfall. Bank of America provided about $7.4 billion in debt and equity financing for affordable rental and workforce housing projects in 2025, supporting more than 11,000 homes across 21 states. JPMorgan Chase also announced more than $40 million in philanthropic funding last fall that was aimed at increasing housing supply and preserving affordable units.
