Boston, MA – Yesterday, U.S. Representative Stephen F. Lynch (MA-08) hosted a listening session with Federal Deposit Insurance Corporation (FDIC) Chairman Martin J. Gruenberg, Brockton Mayor Robert Sullivan, and 21 representatives from local housing organizations and developers to discuss how Silicon Valley Bank’s collapse has impacted affordable housing in Massachusetts. After the listening session, participants walked to two local sites, one of which is still under construction, that will contain affordable housing and workforce housing units.
“I am grateful to FDIC Chair Martin Gruenberg for taking the time to visit our district and see firsthand how important affordable housing is to communities like Brockton,” said Rep. Lynch. “Before its collapse, Silicon Valley Bank acquired Boston Private Bank and Trust and committed $11.2B to a Community Benefits Plan that would invest in local housing developments. Many housing initiatives that include units for low-to-moderate income residents are depending on the fulfilment of investments promised by SVB, which is now owned by First Citizens Bank, to complete their development. Last month, I sent First Citizens Bank a letter urging the prioritization of the development of affordable housing infrastructure in Massachusetts to help advance the revitalization of our underserved communities.
“As someone who grew up in affordable housing, I appreciate the support of Mayor Robert Sullivan and all the participants who have dedicated their careers to preserving and expanding affordable housing in Brockton and across Massachusetts. I am encouraged that together we can all find ways to ensure funding for all the projects under development is secure and protect the future of affordable housing in Massachusetts.”
During the listening session, presenters from housing organizations discussed the importance of their affordable housing projects and the difficulty getting investments from big banks. The following companies participated in the listening session: NeighborWorks Housing, Citizens’ Housing and Planning Association (CHAPA), Massachusetts Housing Investment Corp., Massachusetts Housing Partnership, MassHousing, Partnership for Financial Equity, Homeowners Rehab Inc., Hebrew SeniorLife, Brockton Housing Authority, Brookline Housing Authority, Metro Housing Boston, WinnCompanies, MG Housing Strategies, Cambridge Housing Authority, Preservation of Affordable Housing Inc., Harborlight Homes, Urban Edge, Maloney Properties Inc., Massachusetts Association of Community Development Corporations, Community Economic Development Assistance Corporation, and Concord Square Development.
The following sites were visited after the listening session: The Anglim, 93 Center St., Brockton, by Concord Square Planning and Development, Inc., which will contain 11 units of affordable housing; Sycamore on Main, 121 Main St., Brockton, which contains 48 units of mix-income housing (Workforce, LIHTC, and ELI).