Only five of the state's ten biggest banks were rated outstanding by regulators
January 22, 2018 - Of the 77 Community Reinvestment Act ratings awarded to Massachusetts banks during 2017, only nine were “Outstanding", according to a report issued today by the Massachusetts Affordable Housing Alliance (MAHA). When each bank is classified by its most recent CRA rating, just 13.5% of all banks had a most recent rating of “Outstanding” at year-end 2017, continuing a four-year downward trend from 22.2% in 2013, and the lowest share of “Outstanding” ratings since 1993.
$8. Not a typo. In last week's Boston Globe Spotlight Team series on race in Boston, this jumped off the screen. $8 is the median net worth of non-immigrant African-American households in the Boston area compared to $247,500 for white households. Other households of color have a net worth ranging from $0 to a high of $12,000.
December 11, 2017 - Esther Dupie, MAHA's immediate past president, announced tonight at our annual meeting that Santander Bank has agreed to a five-year $265 million commitment to the ONE Mortgage program. Esther and MAHA vice president Thadine Brown welcomed and thanked Gwen Robinson, Santander's Managing Director for Corporate Social Responsibilty and Steve Adamo, US Head of Mortgage Banking.
Boston– October 30, 2017 – Santander US CEO Scott Powell today announced Santander’s “Inclusive Communities” plan, the Bank’s new $11 billion agreement with the National Community Reinvestment Coalition (NCRC) to increase lending, community development, and charitable giving. “Inclusive Communities” was developed with significant input from and collaboration with more than 100 community-based organizations, including MAHA leaders Esther Maycock Dupie, Symone Crawford and many others.
On October 7, 2009, Richard J. Gavegnano, Chairman and CEO of East Boston Savings Bank wrote to MAHA stating that “You have my assurance that when the merger of our two institutions is finalized, East Boston Savings intends to participate in the SoftSecond program similar to Mt. Washington Cooperative Bank.”
On a day that featured much speculation in the media about how Boston would attract Amazon to the city, 120 Boston residents packed into a community room at Frankln Park in Dorchester last night to discuss a community-centered process to spend $20 million per year on affordable housing, parks, and historic preservation.
Come “shopping” with us tonight. How would YOU spend $20 million on homes, parks and preservation? Last November, Boston residents voted overwhelingly to pass the Community Preservation Act in a campaign led by Yes for a Better Boston and MAHA. Now, the city prepares to spend $20 million on affordable housing, parks, and historic preservation. But first, a committee of nine Boston residents will be appointed to recommend CPA spending. And you can apply from now through November 9th to be on that committee. Join us on October 19th at the Franklin Park clubhouse from 6-7:30pm and learn more about how to apply and offer your suggestions about how to spend the dollars in your neighborhood.
In historic Faneuil Hall on August 2nd, Boston's City Council unanimously passed an ordinance creating a committee to recommend proposed investments, nine months after voters approved the Community Preservation Act (CPA) by a nearly 3 to 1 margin.
MAHA held its annual meeting on December 5th and celebrated the adoption of the Community Preservation Act in Boston with 74% of voters approving question 5 this November.
At MAHA, we get it. It is a hard time for first-time homebuyers in Boston and greater Boston.
