First Citizens Pledges $6.5B to MA, CA Community Investments
Silicon Valley Bank’s buyer announced the grants and lending set-asides after community groups and housing advocates raised fears investments SVB promised before its failure would be lost.
Wu Offers 150 City Parcels, Construction Financing to Housing Developers
Boston Mayor Michelle Wu said Friday morning the city plans to offer 150 city-owned parcels and construction subsidies to developers in neighborhoods across the city for the construction of affordable housing.
Personnel File – No. 309
From new VPs to fresh project managers, see who’s been hired, promoted and honored: it’s The Personnel File.
Tug-of-War Brews Over CRA Reforms
Banking trade groups say the latest CRA reform will put smaller lenders at a disadvantage. And advocacy groups think it doesn’t go far enough to help correct redlining’s racial legacy.
Wu Budget Puts $60M Toward Home Ownership Programs
Boston Mayor Michelle Wu appeared at the Massachusetts Affordable Housing Alliance’s office in Dorchester yesterday to tout her proposal to spend $60 million in federal COVID aid on affordable home ownership programs.
Eastern Bank Commits to 500 ONE Mortgage Affordable Loans
Eastern Bank has agreed to increase its participation in the ONE Mortgage affordable homeownership lending program over a five-year period, doubling its annual loan production.
Beacon Hill Should Boost Funds for Housing
Legislators have made valuable strides towards tackling our state’s housing crisis with federal pandemic relief money. But more needs to be done. A call to double the allocation for housing production is a good start.
Can’t Boost Home Ownership Without More Homes
Boosting first-generation and first-time homebuyers has become popular among banks and politicians looking to boost their communities. But without commensurate effort to boost home building, these efforts will come to naught in the face of plenty of all-cash offers.
Why Boston Candidates, Banks Want to Boost Homeownership
From Boston’s mayoral race to the Biden administration’s Build Back Better agenda, boosting homeownership rates is being held up as the most important solution to reducing the wealth gap between white households and people of color.
Symone Crawford Named MAHA’s Next Leader
The Massachusetts Affordable Housing Alliance has named Symone Crawford its next executive director.
MAHA’s Callahan Named MCBC’s Next Leader
Thomas Callahan, the longtime executive director of the Massachusetts Affordable Housing Alliance, has been named the next executive director of the Massachusetts Community and Banking Council.
Longtime MAHA Head Callahan to Step Down
The Massachusetts Affordable Housing Alliance is losing its leader of 30 years as Executive Director Tom Callahan plans to retire at the end of 2021.
Community Groups Watch for Effects of Mergers
The mergers and acquisitions transforming the Massachusetts banking industry this year will also have a significant effect on another group: the community development organizations that partner with banks on affordable housing and lending programs.
Boston Private, SVB Merger to Come with $11.2B Community Plan
As part of its acquisition of Boston Private, the parent of Silicon Valley Bank has proposed a five-year, $11.2 billion community benefits plan that was developed in collaboration with the Massachusetts Affordable Housing Alliance (MAHA) and Massachusetts Association of Community Development Corporations (MACDC).
More Support for First-Generation Homebuyers Will Help Close Homeownership Gaps
Homeownership rates among nonwhite Massachusetts residents are much lower than those of white families. This creates dire implications for generating wealth in communities of color.
