New York Mayor Bill de Blasio announced $350 million in loans for affordable housing provided by banks led by Citigroup Inc. as he forges closer ties to Wall Street, once one of his loudest critics.
The New York-based bank agreed to provide $75 million loans at a 2.75 percent interest rate as part of a larger fund made available to a nonprofit that works with construction firms, de Blasio said Thursday at an event in the Bronx. Wells Fargo & Co. committed $50 million, while five New York City pension funds provided $40 million.
