MICROCAPITAL BRIEF: Citi Foundation Donating $1m to Habitat for Humanity for Microsavings, Housing Assistance, Financial Education in the Philippines, Thailand, Vietnam

The Citi Foundation, the charitable arm of US-based financial services conglomerate Citigroup, will provide a USD 1 million grant to Habitat for Humanity, a US-based nonprofit organization that focuses on affordable housing, to develop the “Citi-Habitat Home Improvement Microsavings Program.” This pilot initiative is intended to provide a combination of access to savings products, financial education programs and “construction technical assistance” to approximately 3,000 low-income households in the Philippines, Thailand and Vietnam.

According to Patrick McAllister, Habitat for Humanity’s Asia-Pacific housing finance director, the funds will be used to “work with savings institutions and provide housing support for the benefit of low-income families to improve their homes. Citi’s grant will also allow Habitat to conduct research on savings for home improvement.”

As of June 30, 2010, Habitat for Humanity reported total net assets of USD 274 million.

By Rohan Trivedi, Research Associate

About Citigroup:
Citigroup (Citi) is a financial services conglomerate with headquarters in New York. Citi offers a range of products and services in approximately 140 countries including consumer and commercial banking, brokerage, asset management and institutional securities and transactions services. Citi’s philanthropic activities are carried out by the Citi Foundation. As of December 31, 2010, Citi reported total assets of USD 1.9 trillion and USD 86.6 billion in annual revenue.

About the Citi Foundation:
The Citi Foundation provides grants and guarantees focusing on the areas of microfinance, small and growing businesses, education, asset building and neighborhood revitalization. As of 2009, Citi Foundation reported to the US-based nonprofit Microfinance Information Exchange (MIX) total assets of USD 65.8 million of which USD 12.3 million of is allocated to 152 investments. Citi Foundation is the charitable arm of US-based financial services provider Citigroup.

About Habitat for Humanity:
Habitat for Humanity is a nonprofit, ecumenical Christian ministry whose mission is to provide poor people with clean, safe and affordable places to live. Since its inception in 1976, Habitat for Humanity has engaged the services of homeowners and volunteers to build houses under the supervision of trained builders. In the United States, the organization offers no-interest mortgage loans directly to low-income families, and outside of the United States it partners with microfinance institutions to distribute and service loans. Habitat for Humanity operates in all fifty US states and six continents. As of June 30, 2010, Habitat for Humanity reported total net assets of USD 274 million.

Sources and Additional Resources:

[1] Citigroup Press Release: “Citi Commits US$1 Million to Habitat for Humanity for Microsavings and Financial Education”, http://www.citigroup.com/citi/press/2011/110907a.htm

MicroCapital.org story, August 5, 2011: “MICROCAPITAL BRIEF: Citi, OPIC Loan $20m to Microfinance Program ‘Danamon Simpan Pinjam’ of Indonesia’s Bank Danamon”, https://www.microcapital.org/microcapital-brief-citi-opic-loan-20m-to-microfinance-program-“danamon-simpan-pinjam”-of-indonesia’s-bank-danamon/

MicroCapital.org story, July 16, 2011: “MICROCAPITAL BRIEF: Habitat for Humanity Receives $45m Loan from Overseas Private Investment Corporation (OPIC), to Be On-Lent to Microfinance Institutions Through Housing Finance”, https://www.microcapital.org/microcapital-brief-habitat-for-humanity-receives-45m-loan-from-overseas-private-investment-corporation-opic-to-be-on-lent-to-microfinance-institutions-through-housing-finance-programs/

MicroCapital Universe Profile: Citigroup, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Citigroup

MicroCapital Universe Profile: Citi Foundation, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Citi+Foundation

MicroCapital Universe Profile: Habitat for Humanity International, https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Habitat+for+Humanity+International

Browse the MicroCapital Universe and add your entry to the wiki at https://www.microcapital.org/microfinanceuniverse/

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