Partnership for Financial Equity

A new offering at Dedham Savings! Last week,?Beverly Somerville, Avolon McDaniel, and Tracy Harvard of Dedham Savings attended the Boston Home Center Accessory Dwelling Unit (ADU) fair in Mattapan.?Dedham Savings will participate in the ADU pilot program as a member bank. This initiative supports homeowners in converting existing spaces into fully functional housing units, which is a great way to create additional living options in the City of Boston. Learn more about the program here: https://lnkd.in/eCtxejqS Partnership for Financial Equity #HereForTheJourney #Community #Housing #ResidentialLending #Team

What a great announcement yesterday. ONE+ is expanding to reach Gateway City homebuyers. Many congratulations to our many PFE members and partners who made this happen starting with MHP (Massachusetts Housing Partnership) and Eastern Bank and The Boston Foundation’s Racial Wealth Gap Partnership and Massachusetts Affordable Homeownership Alliance (MAHA grad David Jiles stole the show yesterday). And of course Office of Massachusetts Governor Maura Healey and Kim Driscoll for Lieutenant Governor with the Executive Office of Housing and Livable Communities. Much needed. https://lnkd.in/e-FuU2fZ

What a great announcement yesterday. ONE+ is expanding to reach Gateway City homebuyers. Many congratulations to our many PFE members and partners who made this happen starting with MHP (Massachusetts Housing Partnership) and Eastern Bank and The Boston Foundation’s Racial Wealth Gap Partnership and Massachusetts Affordable Homeownership Alliance (MAHA grad David Jiles stole the show yesterday). And of course Office of Massachusetts Governor Maura Healey and Kim Driscoll for Lieutenant Governor with the Executive Office of Housing and Livable Communities. Much needed. https://lnkd.in/e-FuU2fZ

What a great announcement yesterday. ONE+ is expanding to reach Gateway City homebuyers. Many congratulations to our many PFE members and partners who made this happen starting with MHP (Massachusetts Housing Partnership) and Eastern Bank and The Boston Foundation’s Racial Wealth Gap Partnership and Massachusetts Affordable Homeownership Alliance (MAHA grad David Jiles stole the show yesterday). And of course Office of Massachusetts Governor Maura Healey and Kim Driscoll for Lieutenant Governor with the Executive Office of Housing and Liveable Communities. Much needed. https://lnkd.in/e-FuU2fZ

Our latest small business lending report with our partners at the Woodstock Institute is out today showing access to capital gaps for businesses in our Gateway Cities. Over one-third of businesses in the Commonwealth’s Gateway Cities are in low-income tracts but receive just 22.9% of the number of loans from financial institutions.

Did you know? This year marks 50 years of the Equal Credit Opportunity Act (ECOA)! While most people are aware that the law prevents discrimination in lending, many don’t realize that it also prohibits lenders from considering marital status when making credit decisions. In honor of this 50th year milestone, join the National Fair Housing Alliance for a special virtual event on December 3rd to commemorate the impact of this groundbreaking law. RSVP here: https://bit.ly/4frhJem #ECOA50 #FairHousing #EqualCreditOpportunity

MAHA was honored to win an Elevating Equity award along with M&T Bank, for our collaboration on MAHA's STASH: First-Gen Home program! “Our collaboration with M&T Bank has allowed us to amplify STASH and make a tangible difference for hundreds of families. Together, we are helping to break down systemic barriers and build long-term financial stability for households across Massachusetts,” said Symone Crawford, MAHA's Executive Director. Thank you to the Partnership for Financial Equity for recognizing our collaboration, and congratulations to the other winners! #elevatingequity #STASH #firstgenhome #massachusetts #boston #downpaymentassistance

A packed auditorium last night for the launch of City of Boston’s ADU pilot program in Mattapan with great participation from our member banks including Leader Bank, Needham Bank, and Dedham Savings. Congratulations to Sheila Dillon, Karen Rebaza, Marcy Ostberg, Adriana Lasso-Harrier, Charu Singh and all involved!

Increasing access to safe and affordable credit opportunities is in all of our best interest. Today, the U.S. Department of the Treasury released a "National Strategy for Financial Inclusion in the United States." The National Fair Housing Alliance (NFHA) is thrilled the plan encourages financial institutions to expand the use of Special Purpose Credit Programs (SPCPs) to create fairer credit opportunities in underserved communities. Fair lending laws allow lenders to design SPCPs in a tailored way to meet special social needs and benefit economically disadvantaged groups, including groups that share a common characteristic, such as race, national origin, or gender. Properly designed, SPCPs can play a critical role in promoting equity and inclusion, building wealth, and removing persistent barriers that have contributed to financial inequities, housing instability, and residential segregation. SPCPs based on positive rental payment data and cash flow underwriting are already contributing to an increase of Black homeownership by 13% and Latino homeownership by 7.5%. Fair lending creates equitable opportunities and is good for the economy. By singularly addressing Black/White lending disparities, the economy could grow by $5 trillion. Imagine the possibilities when fairer opportunities permeate every community. For-profit and nonprofit lenders, such as CDFIs, can access the SPCP Toolkit created by NFHA and the Mortgage Bankers Association here: https://spcptoolkit.com/. https://lnkd.in/eSf9uiMZ

Join us this morning at 9am for a preview of our soon-to-be-released Small Business Lending Matters report with a presentation from Carrie Craig, MPP at Woodstock Institute. https://lnkd.in/eF6vZGTF