Boston Private Bank & Trust Company to Finance Dorchester Affordable Housing Development.Business Editors BOSTON--(BUSINESS WIRE)--Nov. 15, 2002 Bank Provides a $4.1 Million Loan to Codman Square Neighborhood Development Corporation Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. Private Bank & Trust Company, a leading private banking and investment services firm, today announced its participation in the financing of 44 new units of affordable rental housing in Dorchester Dorchester, town, England Dorchester (dôr`chĭstər), town (1991 pop. 13,734), county seat of Dorset, S central England. Dorchester is a busy agricultural market, especially for sheep and lambs. . Sponsored by the Codman Square Neighborhood Development Corporation (CSNDC), Boston Private is providing a construction loan of $4.1 million for the Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Street units. Construction will begin immediately and will be completed before fall 2003. The units will be available to families with incomes up to $37,000 and five of them will be rented to homeless families. CSNDC will sponsor a ribbon cutting event on November 16, 11 a.m., 193 Talbot Avenue, Dorchester. The event will be attended by the Honorable Mayor Thomas Menino Thomas Michael Menino (born December 27, 1942) is the mayor of Boston, Massachusetts, United States and the city's first Italian-American mayor. Biography Born in Readville, a part of Boston's Hyde Park neighborhood, Menino was educated at Chamberlayne Junior College (AA, . Boston Private was recently recognized by federal regulators for achieving the highest rating possible for meeting the needs of low-to-moderate income people and neighborhoods under the Community Reinvestment Act Community Reinvestment Act (CRA) Enacted by Congress in 1977, the CRA encourages banks to help meet the credit needs of their communities for housing and other purposes, particularly in neighborhoods with low or moderate incomes, while maintaining safe and sound operations. (CRA See Community Reinvestment Act. ). Boston Private's participation in the financing of affordable housing and other community development projects sponsored by community-based organizations contributed to its high rating. "We are proud of our relationship with CSNDC and our partnership with them in working to improve the community," said Tim Vaill, chief executive officer of Boston Private. "Their work has made a real difference in the Codman Square neighborhood and we are pleased to support their efforts." CSNDC is sponsoring this family housing and an additional 31 units of rental housing for low-income seniors that is being funded by the U. S. Department of Housing and Urban Development. The new housing is being constructed on two acres of vacant land adjacent to the Joseph E. Lee Elementary School Lee Elementary School is the name of several elementary schools in the United States:
Other entities providing financing for the new housing include the City of Boston's Department of Neighborhood Development, the Commonwealth of Massachusetts' Department of Housing and Community Development, the Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. Housing Partnership Fund, the Local Initiatives Support Corporation, the Massachusetts Affordable Housing Trust Fund, the MassDevelopment Agency, the Neighborhood Reinvestment ReinvestmentUsing dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. Corporation and the Community Economic Development Assistance Corporation. LendLease Real Estate Investments is providing tax credit financing. About Boston Private Bank & Trust Company With $1.2 billion in assets, Boston Private Bank & Trust Company specializes in providing private banking and investment services to individuals, their families and businesses. The Bank's investment management team focuses on mid-to-large cap equity and actively managed fixed income portfolios. Under its Accessible Banking Program, the bank is an active provider of real estate financing for affordable housing, economic development and small businesses. It also offers commercial and residential lending services. Additionally, Boston Private Bank & Trust Company offers a First Time Homebuyer home·buy·er n. One who is in the process of buying a home. Program and "soft second" mortgage financing, and the Community Partners Program, a small business lending program for businesses located in areas targeted for economic development. For more information: www.bostonprivatebank.com. |
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