Citi Foundation Launches $20 Million Affordable Housing Grant Opportunity

NEW YORK–(BUSINESS WIRE)–The Citi Foundation (“the Foundation”) today launched a $20 million Request for Proposals (RFP) focused on helping address operational and financial barriers to building and preserving affordable housing across the United States. Through this 2026 Housing Supply RFP, part of Citi’s Blueprint for Housing Opportunity initiative, 20 nonprofit housing developers will each receive $1 million to help scale the supply of affordable homes in the communities that need them most.

Housing affordability remains one of the most pressing economic challenges facing the U.S. today. Nearly half of renter households are cost-burdened, spending more than 30% of their income on rent and utilities.¹

This latest initiative will help fund nonprofit housing developers’ efforts to both preserve existing affordable housing and advance pre-development work for new projects, including site evaluations, early design, engineering and appraisals.

“Philanthropic capital can be a powerful tool in helping affordable housing projects move faster and helping bridge the affordability gap facing Americans in communities large and small,” said Brandee McHale, President of the Citi Foundation and Head of Community Investing and Development at Citi. “Community-based nonprofit developers play an important role in moving affordable housing projects from ideation to completion, often covering upfront costs for years before projects are shovel-ready. Through these grants, the Foundation aims to support these supply-side champions and bring more housing to low-income communities across the country.”

The 2026 Housing Supply initiative accounts for $20 million of the Foundation’s broader commitment to deploy $50 million over five years to address housing affordability and strengthen the financial health of residents in low-income communities. This commitment is a part of Citi’s Blueprint for Housing Opportunity initiative, which also includes a five-year, $60 billion financing commitment to advance housing affordability in the U.S. and help create and preserve at least 250,000 units.

This announcement builds on Citi and the Foundation’s long track record of support for high-impact community development and housing solutions. Over the past decade, the Foundation has invested in nonprofits that focus on affordable housing development and preservation as well as organizations that provide financial guidance for homeownership. Citi was also recently ranked the #1 U.S. affordable housing lender by Affordable Housing Finance magazine for the 16^th consecutive year.

The deadline to submit is 12 p.m. (noon) New York Time (Eastern Time) on July 1, 2026. For more information on this opportunity, please visit www.citifoundation.com/rfp.

Citi Foundation

The Citi Foundation works to promote economic progress and improve the lives of people in low-income communities around the world. We invest in efforts that increase financial inclusion, catalyze job opportunities for youth, and reimagine approaches to building economically vibrant communities. The Citi Foundation’s “More than Philanthropy” approach leverages the enormous expertise of Citi and its people to fulfill our mission and drive thought leadership and innovation. For more information, visit www.citifoundation.com.

About Citi’s Blueprint for Housing Opportunity

Housing affordability is one of the defining economic challenges of our time, and increasing supply is essential to addressing it. That’s why Citi’s Blueprint for Housing Opportunity is committing $60 billion to housing affordability over the next five years – increasing the supply of housing through the creation and preservation of at least 250,000 units across the country.

In addition, the Citi Foundation will deploy $50 million in philanthropic grants to non-profits addressing housing challenges and supporting the financial health of residents in their communities. Recognizing that making housing more affordable for American families cannot be achieved by the private sector alone, Citi will also work with policymakers, relevant stakeholders and others to advance public policy and advocacy efforts. Learn more at citi.com/housingaffordability.