Jonathan Rose Companies and Citi Community Capital Announce New Affordable …

NEW YORK, Feb 21, 2012 (BUSINESS WIRE) –
Citi Community Capital (Citi) and Rose Investments, a division of
Jonathan Rose Companies, today announced the launch of a $75 million
fund which will make transformative investments in multifamily
affordable housing along the Eastern seaboard. The Rose Green Cities
Fund LLC will acquire and renovate existing multifamily properties with
cost-effective, high-impact green technologies, and preserve their
affordability for the long-term. The Fund will also evaluate select
investments in the development of new, green, affordable housing. The
Fund will target projects in high-demand, mass-transit accessible
locations, focusing on locations in Connecticut, New Jersey and the
Washington, D.C. metro area.

This commitment by Citi Community Capital represents the latest in a
series of transactions through which Citi has brought significant
capital and an innovative approach to solving some of the most pressing
community development issues in the country, such as the lack of
quality, sustainable affordable housing. In the past two years, Citi has
committed nearly $9.4 billion in community development activities
including the creation and rehabilitation of 57,000 units of housing,
all of which have an affordable component in the apartment complex.
Other activities include healthcare centers and education facilities to
promote jobs and quality living in the communities Citi serves.

The Rose Green Cities Fund leverages the expertise of Jonathan Rose
Companies as a leading national developer, investor and fund manager
with deep experience in green, urban affordable and mixed-income
housing. Citi’s investment represents the latest institutional equity
invested with Rose , confirming investors’ appetite for double bottom
line strategies that enable them to “do well by doing good” and
repairing the fabric of communities. Rose Investments relationships
include other major financial institutions as well as leading
foundations and family offices.

“We are thrilled to partner with Citi, a global institution with a
commitment to back innovative, community-based investment strategies,”
said Jonathan F.P. Rose, founder of Jonathan Rose Companies. “In today’s
volatile market, investments in affordable housing, especially in
high-demand/high-cost markets, can provide a great opportunity to
generate attractive, low-risk returns. At the same time, these
investments are fostering more resilient communities.”

“Jonathan Rose Companies has a track record as a successful investor and
developer of affordable housing and we are delighted to partner with
them,” said Andrew Ditton, Co-Head and Managing Director of Citi
Community Capital. “Environmental sustainability and reinvestment in the
communities where we work and live are both pivotal
components to our Firm’s commitment to responsible finance and we will
continue to invest in high-quality, innovative projects that benefit our
local communities and uphold our core principles.”

“Both Jonathan Rose Companies and Citi have rich histories in affordable
housing investment,” said Wendy Rowden, Managing Director of Rose
Investments. “Our experience is that the green preservation of
affordable housing is a fundamentally smart investment. Green retrofits
can reduce costs for both tenants and owners, generate reasonable
paybacks, hedge against rising energy prices and mitigate environmental
impacts.”

According to Nathan D. Taft, Director of Acquisitions for Rose
Investments, the Fund is pinpointing projects and portfolios from $25 to
$50 million of total capitalization, with a special focus on Section 8,
Low-Income Housing Tax Credits and expiring use assets in need of
renovation. Mr. Taft added, “We have a number of promising projects
already in the pipeline, and we are actively seeking new opportunities.”

About Jonathan Rose Companies LLC:

Jonathan Rose Companies LLC is an award-winning real estate
investment, development, planning and project management firm whose
mission is to repair the fabric of communities. The firm is
nationally-recognized for its ability to achieve visionary goals through
practical, low-cost strategies. A leading green urban solutions
provider, Jonathan Rose Companies currently manages the development of
over $1.5 billion of real estate projects from offices in New York,
Connecticut, Colorado, the Pacific Northwest and New Mexico. For
more information, visit
www.rosecompanies.com .

About Citi Community Capital:

Citi Community Capital is a premier financial partner with nationally
recognized expertise in financing all types of affordable housing and
community reinvestment projects. Citi Community Capital’s origination,
structuring, asset and risk management staff across the country provides
creative financing solutions designed to meet their clients’ needs. Citi
Community Capital helps community development financial institutions,
real estate developers, national intermediaries and nonprofit
organizations achieve their goals through a broad, integrated platform
of debt and equity offerings. Additional information may be found at
www.citicommunitycapital.com

Citi, the leading global financial services company, 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.youtub.com/citi
| Blog:

http://new.citi.com

| Facebook:
www.facebook.com/citi
| LinkedIn:
www.linkedin.com/company/citi

SOURCE: Citi

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        Roxanne Donovan or Eric Gerard, 212-741-2977

Copyright Business Wire 2012

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