TAUNTON – Bristol County Savings Bank recently received the 2023 Community Impact Award from Wolters Kluwer Compliance Solutions during the company’s 27th annual Community Reinvestment Act & Fair Lending Colloquium in Austin, Texas, the bank announced.
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The company’s Community Impact Award recognizes “the innovation and unwavering commitment of institutions in their work with underserved communities,” according to a news release, with award winners demonstrating “the creativity, impact and economic sustainability of their community reinvestment programs.”
Bristol County Savings Bank was recognized for its “Equity Investment Program: Joint Partnership with Pawtucket Central Falls Development,” which addresses the severe shortage of affordable housing in low- and moderate-income areas in the cities of Pawtucket and Central Falls, according to the release.
The bank said its initial investment grew into the creative use of funding to underwrite several initiatives, including the establishment of a joint venture focused on acquiring area real estate along with a woman-led nonprofit that excels in creating safe and affordable homes and apartments.
“In a time when affordable housing options for families are at a premium, Bristol County Savings Bank has demonstrated true innovation, developing a program that generates dividends from project income, then reinvesting those dividends as grants to partner organizations,” Vikram Saykar, executive vice president and general manager for Wolters Kluwer, said in a statement. “It is this kind of innovation, coupled with the power of partnerships, which is helping lenders like Bristol County Savings Bank create a pathway to homeownership that would not otherwise be possible.”
The bank said one of its investments with the PCF Development assisted with the acquisition and renovation of a 14-unit apartment building and converting the units into affordable condominium units for sale to first-time homebuyers, with preference given to current renters. In addition to the equity investment, the bank offered first-time homebuyer seminars and designed a customized mortgage program, which spurred the origination of 12 of the 14 mortgages in this project alone, according to the release.
“Together, PCF Development and Bristol County Savings Bank have taken an innovative approach to tackle the challenge of affordable housing, and we are proud to say that our efforts have resulted in successful homeownership for first-time buyers who were previously priced out of the market,” Linda Weisinger, executive director for Pawtucket Central Falls Development, said in a statement. “Through our partnership, we were able to provide resources and support to create a program that has made a real impact in the lives of community residents.”
In a statement, Ann-Marie Lefebvre, Community Reinvestment Act officer for Bristol County Savings Bank, said to date, the bank has funded three investments totaling $750,000 “showcasing the unique structure of the equity investment program and the collaborative efforts of our team,” the board of directors and nonprofit partners.
“It was one of these investments that expanded our collaboration with PCF Development, exemplifying our commitment to addressing the housing crisis in our community and ensuring access to safe and affordable homes while contributing to the long-term sustainability of strong neighborhoods,” she said.
