City First. A Different Kind of Bank.
At City First, we are focused on building the economic health of underserved communities in the Washington, DC area. Commercial lending for the development or preservation of affordable housing, the construction or renovation of community facilities and loans for the business operations of small for-profit and non-profit companies remains the center of the City First Bank mission.
In 2011, City First Bank originated $47 million of new loan commitments. On average, 93% of our deposits are at work in low wealth communities financing high impact deals – deals that create or sustain jobs and provide vital community services. Since inception, our financings have helped to create 4,780 affordable housing units and create or retain 2,863 jobs.
But we create significant impact even beyond our direct lending. Our New Markets Tax Credit program has served as a significant catalyst for economic development through large scale and impactful projects. To date, we have deployed over $262 million of NMTC financing which have created or retained 6,173 additional jobs, provided 430 units of additional housing, 1.9 million of new or renovated commercial space and increased the capacity of community service providers by almost 600,000 clients.