Citi has launched a new program in collaboration with the National Council of La Raza (NCLR), to help support the efforts of its affiliates to purchase REO (Real Estate Owned) properties in high foreclosure Latino markets. The initiative, called Preserving Neighborhoods and Creating Homeowner Opportunities, will help NCLR affiliates acquire, maintain, and repurpose REO properties which are bank-owned.

The program, funded by a portion of the $1.75 million in grants from the Citi Foundation to NCLR over the past 12 months, aims to increase affordable housing, education, and health services opportunities for low-to-moderate-income Latino communities. The program will initially focus on Phoenix, AZ, with plans to expand into other high foreclosure markets with a concentration of Latino residents, such as Chicago, Houston, Los Angeles, Miami, New York, and Washington, DC.

Eric Eve, SVP of global community relations at Citi, said: “Citi is committed to helping local communities across the country struggling to deal with record foreclosure rates. The Preserving Neighborhoods and Creating Homeowner Opportunities program will strengthen Latino neighborhoods across the country by supporting NCLR’s work in community and economic development, and it will assure these properties are sold to homeowners that respect the fabric of the community.”

Janet Murguia, president and CEO of NCLR, commented: Citi has been a significant and committed partner of NCLR and the Latino community. We are proud to partner with them on another innovative community-building initiative that will help support and revitalize our communities, which have been severely impacted by the housing crisis affecting our country.

Tommy Espinoza, president and CEO of Raza Development Fund, said: “Nonprofit organizations are the anchors of our Latino communities. This new program will be critical to helping these organizations purchase foreclosed properties, expand their footprint and become an even greater force in stabilizing and strengthening the communities that they serve.”

US-based NCLR, a national hispanic civil rights and advocacy organization, works to improve opportunities for hispanic Americans.