M&T Realty Capital Corporation (M&T RCC), based in Baltimore, has formed a correspondent relationship with City First Bank, located in Washington D.C., to expand lending options for multifamily housing projects. As the largest Black-led Minority Depository Institution in the U.S., City First Bank will now have access to M&T RCC’s Fannie Mae DUS, Freddie Mac Optigo, and FHA lending capabilities. This partnership aims to offer competitive products and terms for City First Bank’s borrowers – primarily minority developers and investors – promoting affordable housing development and retention.
In 2022 alone, City First Bank provided $173 million worth of new loans for multifamily affordable housing projects that created or preserved 1,463 units. Additionally, they lent $61 million to 19 African-American-owned or led organizations. This collaboration between M&T RCC and City First Bank is expected to further support their efforts towards providing affordable housing solutions.
