First Citizens Bank says it has begun conversations with “key Boston community leaders” round easy methods to proceed inexpensive housing commitments made by defunct Silicon Valley Bank.
First Citizens and Trust Bank late final month acquired the collapsed SVB, an establishment that, based on members of Massachusetts’ congressional delegation, had “extensive investments and partnerships in the (state’s) affordable housing sector.”
In an e-mail to the Herald, Jacqueline Vose, government director of technique and neighborhood funding for First Citizens Bank, stated whereas preliminary conversations have taken place, additional discussions with extra teams and authorities officers are scheduled within the coming days.
“First Citizens Bank is proud of its 125-year strong track record of supporting the communities where we live and work,” Vose stated. “We take significantly our dedication to spend money on and assist our communities by means of inexpensive housing and different neighborhood improvement initiatives.
“We want to take an informed and thoughtful approach to doing what’s right to strengthen the Greater Boston area,” she added.
The state’s congressional delegation on Thursday despatched a letter addressed to the CEO of First Citizens, urging the financial institution’s new homeowners to maintain intact SVB’s commitments to inexpensive housing within the state.
Some of these commitments embody financing 18 inexpensive housing developments with over 800 models at the moment below development which shall be “largely dependent on the fulfillment of the outstanding lending and investment obligations made by SVB.”
“In the middle of a worsening affordable housing crisis, it is critical that there is a continuation of these activities under new ownership to avoid the disruption of local affordable housing development pipelines and initiatives,” the delegation wrote in its letter.
Source: www.bostonherald.com”