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Citi Announces $500,000 to Support Community-Based Organizations on the Frontline of Hurricane Sandy Relief Efforts

  Citi Announces $500,000 to Support Community-Based Organizations on the
  Frontline of Hurricane Sandy Relief Efforts

        Efforts of Citi and the Citi Foundation Now Total $1.6 Million

Business Wire

NEW YORK -- November 09, 2012

Today, Citi announced $500,000 in emergency funding to five community
organizations to expand their relief efforts in neighborhoods across New York
City, Long Island and New Jersey that are struggling in the aftermath of
Hurricane Sandy. This latest funding is part of Citi’s support of relief and
recovery efforts in the region’s hardest hit communities.

“Much of the recovery work is just beginning, and Citi is continuing to engage
with our local nonprofit partners and government leaders to support this
critical effort,” said Citi CEO Michael Corbat. “We are committed to doing our
part to help the region recover and rebuild in the weeks and months ahead.”

Citi’s additional funding will immediately boost the capacity of
community-based organizations to continue to provide frontline support ranging
from emergency home repair loans to assistance filing important paperwork like
insurance claims and disaster assistance application forms required by the
Federal Emergency Management Agency (FEMA).

“Because of the enormous geographic scope of Hurricane Sandy, many communities
have been affected in very different ways and they are now confronting a range
of challenges based on the storm’s impact,” said Bob Annibale, Global Director
of Citi Microfinance and Community Development. “Frontline community-based
organizations are critical to the social and economic health of many of these
severely affected neighborhoods. Our support for these organizations, many of
which have been working in these communities for decades, will help ensure the
right resources and assistance are quickly directed to those who are most in
need.”

Organizations slated to receive funding include:

  *Long Island Housing Partnership is participating in numerous initiatives
    to help Long Islanders recover, including restoring electrical power and
    plumbing in low- to moderate-income (LMI) communities and assisting those
    displaced in relocating to temporary housing. As of this week, more than
    260,000 homes were still without power in Long Island and almost 39,000
    families have applied for assistance from FEMA. LIHP has requested the
    authority to use Homeownership Emergency Assistance Program (HEMAP) funds
    for emergency loans to address these issues while homeowners await funds
    from FEMA or private insurance sources.
  *Margert Community Corporation in the Rockaways, Queens, has set up
    temporary headquarters to begin assisting the 1,000 area residents it
    serves with housing, support filing applications for FEMA assistance, and
    foreclosure prevention services. The Rockaway community was hit
    particularly hard by the storm. More than 19,000 homes remain without
    power and many homeowners suffered severe damage.
  *Ironbound Community Corporation in Newark, New Jersey, will devote its two
    Family Success Centers to offering a broad range of relief assistance
    including support for families filing applications for FEMA assistance and
    insurance claims to repair their homes. The Ironbound community
    experienced some of the heaviest flooding in the region.
  *Neighborhood Housing Services of Staten Island has established a special
    Staten Island Recovers Disaster Assistance Program to provide emergency
    loans to repair hurricane-damaged properties.
  *Asian Americans for Equality (AAFE) will offer homeowners emergency loans
    in communities across New York City. The loans will help homeowners and
    tenants meet their immediate, short-term repair needs, enabling them to
    return home sooner.

“Our strategy is to provide the most vulnerable with relief and vital support
with the myriad challenges they face,” said Christopher Kui, Executive
Director of AAFE. “Funding from Citi will go directly to assisting families in
dealing with displacement, financial disruption, filing important paperwork
and, in some cases, injured family members.”

The support of Citi Community Development builds on Citi’s efforts during the
past ten days to assist with the post-Sandy response throughout the region. In
the immediate aftermath of the storm, the Citi Foundation supplemented its
annual $500,000 grant to the American Red Cross with an emergency $1 million
donation to help the organization with rapid relief efforts. Citi also made
contributions to organizations focused on local recovery efforts, and Citi
volunteers delivered food, water and other necessities to many of the area's
most hard-hit communities. Citi has also donated $50,000 to the Staten
Island-based Stephen Siller Tunnel to Towers Foundation for relief efforts,
and $50,000 to the Friends of Hudson River Park for repair efforts.

The company also enabled Citi ThankYou® Rewards members to use their points to
make donations to the Red Cross at www.thankyou.com. Citi also took steps to
help its customers through this difficult time by providing financial recovery
solutions, access to cash, and certain fee waivers, as well as waivers for
late payment charges, payment extension or forbearance options, and a
temporary suspension on foreclosure sales for impacted homeowners in
designated areas.

Citi

Citi, the leading global bank, has approximately 200 million customer accounts
and does business in more than 160 countries and jurisdictions. 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, transaction services,
and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://citi.com/blog | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Citi Community Development

Citi Community Development is leading Citi’s commitment to achieve economic
empowerment and growth for underserved individuals, families and communities
by expanding access to financial products and services, and building
sustainable business solutions and innovative partnerships. Our focus areas
include: commercial and philanthropic funding; innovative financial products
and services; and collaborations with institutions that expand access to
financial products and services for low-income and underserved communities.
For more information, visit www.citicommunitydevelopment.com.

Contact:

Media:
Citi
David Roskin, 212-559-4767
david.roskin@citi.com
 
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