Managing Director, Co-Head, Citi Community Capital
Richard Gerwitz is co-head of Citi Community Capital, the community development lending and investing division of Citi, with more than 30 years of experience in the tax-exempt securities and real estate markets. He began his career with Merrill Lynch in 1978 as a municipal securities analyst, subsequently moving into the investment banking division. In 1984, Mr. Gerwitz was retained to help start the municipal securities division at Security Pacific National Bank. In 1992 Mr. Gerwitz left the bank and negotiated the formation, and became president of a real estate limited partnership whose partners were the Ford Motor Company and the Federal Deposit Insurance Corporation. The partnership was funded with more than $1 billion in performing and non-performing real estate assets designated for liquidation. He returned to the tax-exempt bond investment banking industry in the late 1990s when he joined Citi Community Capital, formerly known as Newman & Associates, focusing exclusively on the financing of affordable multifamily rental housing. In Mr. Gerwitz’s role as co-head of Citi Community Capital he directs the activities of the unit’s affordable rental housing lending, mortgage and investment banking team, as well as its involvement with low-income housing tax credits (LIHTCs), new market tax credits (NMTCs) and other Community Reinvestment Act lending and investment activities.