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.
Massachusetts Can Build a Triple Threat to Attack the Housing Crisis
The state’s pervasive housing problems need a three-pronged approach that adds more housing subsidies and prioritizes the needs of our most vulnerable neighbors.
MACDC Picks New President
The trade group representing the state’s nonprofit community developers has picked a new chief executive to replace Joe Kriesberg, who left earlier this year to helm the MassINC think-tank.
Healey Veto Would Damage Racial Wealth Gap Efforts, Nonprofits Say
A $1.5 million cut to a state grant program for first-time homebuyer counseling might seem small, but the nonprofit community developers who use the funds say it could gut their work trying to give aspiring homebuyers of color a shot in the ever-more-expensive Massachusetts housing market.
First Republic’s Local Impact By the Numbers
Prior to its failure and sale to JPMorgan Chase early Monday morning, First Republic Bank had been among Massachusetts’ top residential mortgage lenders.
SVB Sends Ripples Through Housing Development Circles
What’s keeping affordable housing developers up at night? The financial sword of Damocles currently dangling over the regional banking sector. Silicon Valley Bank has been a major lender to community development corporations.
Kriesberg to Leave MACDC for MassINC
Joe Kriesberg, the long-time leader of the Massachusetts Association of Community Development Corporations, plans to leave his role at the end of the year to become CEO of MassINC, a Boston-based think tank that plays a prominent role in state political life.
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.
The Other Barrier to Development
Some residents’ opposition to multifamily housing frequently dominates headlines, but developers say understaffed and fragmented town hall bureaucracies are just as big a problem in Boston suburbs.
Housing Investments, Everett Stadium in Limbo as Session Ends
Hundreds of millions of dollars in housing investments are in limbo after state legislators held off on finalizing a popular economic development bill Sunday night.
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.
Financing Boost Sought For Entrepreneurs Of Color
During the COVID-19 pandemic, Massachusetts has provided “unprecedented support” and “unprecedented access to capital” to entrepreneurs of color, MassINC research director Benjamin Forman told lawmakers Tuesday.
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).
Walsh Raised Bar on Housing Production
Boston Mayor Marty Walsh’s pro-housing agenda delivered benefits to the city but critics say Walsh missed opportunities to make development more equitable and address the transportation and climate change crises.
COVID-19 Aid Deal Includes $25B for Renters, Eviction Moratorium Extension
Massachusetts renters and their landlords will get some measure of relief from a $900 billion federal COVID-19 aid package agreed to by congressional negotiators Sunday night.
53 Affordable Housing Landlords Pledge to Avoid Evictions
Over four dozen owners and operators of affordable housing units announced a joint pledge this morning to work with their tenants in financial trouble due to the COVID-19 recession and avoid evicting them over missed rent payments.
Advocates Raise Concern for Virus’ Impact on Low-Income Renters
Concerns are growing about what will happen to low-income renters and homeowners when the immediate coronavirus crisis is over.
Guest Post: Maximize Your Year-End Charitable Donations With the CITC
Today’s guest column comes from the Massachusetts Association of Community Development Corporations with a call for year-end donations to benefit local CDCs
Study IDs Problems With Assessing Affordable Housing
Assessing the value of a condominium or single-family home is generally straightforward, but determining the true value of affordable housing involves a lot of variables and requires training and experience.
