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WASHINGTON DC – Senator Edward J. Markey (D-Mass.) joined Representatives Stephen F. Lynch (MA-08) and Ayanna Pressley (MA-07), who led their Massachusetts Congressional colleagues, Senator Elizabeth Warren (D-Mass.) and Representatives Bill Keating (MA-09), Jim McGovern (MA-02), Katherine Clark (MA-05), Seth Moulton (MA-06), Lori Trahan (MA-03) and Jake Auchincloss (MA-04) in a letter to First Citizens Bank and Trust Company, urging the prioritization of the development of affordable housing infrastructure in Massachusetts as they finalize their acquisition of Silicon Valley Bank (SVB).
“It is clear that SVB had extensive investments and partnerships in the affordable housing sector that should be continued,” the Members wrote. “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.”
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Following SVB’s acquisition of Boston Private Bank & Trust Company in 2021, SVB provided loans to various local non-profit housing and community development organizations around Massachusetts for the development of affordable housing. There are currently at least 18 affordable housing developments financed by SVB under construction in ten cities and towns across the Commonwealth. These projects consist of more than 700 homes for low-income residents and nearly 120 homes for extremely low-income residents, and their completion is dependent upon the outstanding financing loaned by SVB.
The Members continued, “Through the continuation of these commitments, First Citizens Bank can serve a vital role in our shared efforts to advance the quality of life, economic growth, and revitalization of our most underserved communities.”
Last year, SVB and Massachusetts Housing Investment Corporation announced a $75 million initiative designed to expand quality affordable housing and revitalize underserved areas in Massachusetts, Connecticut, and Rhode Island.
SVB also reported that it has invested and loaned more than $2 billion over the past two decades –$1.6 billion in loans directed towards the construction or modernization of affordable housing units nationwide.
You can read the letter here.
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