NEW YORK – December 9, 2004 – Carl Levinson, Division Executive for the U.S. Consumer Assets Division of Citigroup, announced on November 30th that the Citigroup Foundation has made a $750,000 grant to Neighborhood Reinvestment Corporation for homeownership education. Mr. Levinson made this announcement at the 2004 “Enriching Communities” Gala of Neighborhood Housing Services of New York City, for which he served as Gala Chairman.

Neighborhood Reinvestment Corporation, a national nonprofit organization created by Congress to provide financial support, technical assistance and training for community-based revitalization efforts, has recently opened the NeighborWorks Center for Homeownership Education and Counseling. The Center will work to standardize homeownership counseling services nationwide and provide training to housing counselors.

Mr. Levinson commented, "Citigroup is a long-standing supporter of homeownership education and financial education. Homeownership is a way that Americans build wealth and by partnering with the Neighborhood Reinvestment Corporation to educate first-time homebuyers we collectively assist in raising the quality of life for individuals and families while making their dreams come true."

“For families throughout our nation’s history, the front door of their first new home has been their threshold to the American dream,” said Neighborhood Reinvestment Corporation CEO Kenneth D. Wade. “Today, thanks to support from innovators like Citigroup, millions of families are learning that they, too, can own a piece of that dream.”

The Neighborhood Housing Services (NHS) 2004 Gala, which raised nearly $1 million for NHS, paid tribute to Luis Canela, President and CEO of BPD Bank, and to the City of New York, represented by Shaun Donovan, Commissioner of the City’s Department of Housing Preservation and Development. Key speakers, in addition to Mr. Canela, Mr. Donovan and Mr. Levinson, included Mr. Wade, CEO of Neighborhood Reinvestment Corporation; Timothy Geithner, President and CEO of the Federal Reserve Bank of New York; Dr. Dolores M. Fernandez, President of Hostos Community College; Lloyd W. Brown, II, Board President of NHS; and Sarah Gerecke, CEO of NHS. They spoke to an audience of over 800 NHS supporters at the Broadway Ballroom of the Marriott Marquis Hotel.

Ms. Gerecke noted, “Citigroup’s generous contribution for homeownership education will aid Neighborhood Reinvestment, NHS of New York City and other agencies in providing important counseling to first-time home buyers to help them achieve the dream of homeownership. We at NHS are delighted that this announcement was made at our ‘Enriching Communities’ Gala, as it is an excellent example of corporate efforts to help improve communities and benefit their residents.”

Since 1982, Neighborhood Housing Services of New York City (NHSNYC), a not-for-profit citywide organization, has been working to increase and protect investment in underserved low and moderate-income neighborhoods. Through education and financial assistance, NHS helps people to help themselves, creating, preserving and promoting affordable housing in New York City neighborhoods.