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.
The plan outlines Santander’s commitment to communities across its eight-state northeastern U.S. footprint for 2017 through 2021, during which time Santander will increase its Community Reinvestment Act (CRA) activity by 50 percent and triple its investment in charitable grants. Supported and facilitated by the NCRC, an extensive ten-month long process helped identify emerging community needs and strategies aimed at addressing the challenges faced by underserved communities in Santander’s key markets.
Over the next five years, Santander will provide:
•$9.1 billion in lending to underserved communities including,
- $4.2 billion in residential mortgage loans for low- to moderate income families
- $1.9 billion in small business lending
- $3 billion in community development lending
•$1.9 billion in community development investments
•$55 million in charitable contributions
•10 new retail branches in low- to moderate income and communities of color
•60,000 community development volunteer hours in underserved communities
“This plan is the foundation of Santander’s approach to supporting the communities where we live and work,” said Powell, CEO of Santander US, the Bank’s U.S. holding company. “We recognize that Santander’s success is directly linked to the prosperity of our communities’ families, businesses and neighborhoods. By increasing lending, investments and financial education opportunities, we hope to boost the long-term economic success of low- and moderate-income individuals and neighborhoods.”
"MAHA looks forward to continuing our partnership with Santander in reaching low- and moderate-income first-time homebuyers as we both seek to close the large racial wealth gap in Massachusetts", remarked Symone Crawford, MAHA's board president. The agreement includes a recommitment to the Massachusetts Housing Partnership's ONE Mortgage Program which will be announced at MAHA's annual meeting on December 11th.
“This is an exciting and groundbreaking agreement that will improve our communities and transform lives. It demonstrates that banks and the communities they serve can thrive together when they work together. We congratulate Santander, NCRC, and the dozens of community based groups who worked so hard to make this happen,” said Joseph Kriesberg, President & CEO, Massachusetts Association of Community Development Corporations.
Powell announced “Inclusive Communities” at a meeting this morning in downtown Boston where he was joined by officials from the City of Boston, other public officials, and National Community Reinvestment Coalition (NCRC) President and CEO John Taylor.
"This is a good day for people in New Hampshire, Connecticut, Rhode Island, New York, New Jersey, Pennsylvania, Delaware and my home state of Massachusetts,” said John Taylor, NCRC President and CEO. I want to applaud Santander for committing 11 billion in investments for underserved neighborhoods over the next five years. Santander’s leadership showed a special dedication to working with community leaders and better understanding the credit needs in the areas they serve. We are very pleased that this commitment, and especially the 10 new bank branches, will help individuals build wealth and neighborhoods build their economies."
Read an in depth summary of Santander's "Inclusive Communities" agreement here
In addition to the Bank’s financial commitments, Santander is establishing a national Community Advisory Board (CAB) comprising representatives of not-for-profit community development organizations and financial inclusion advocates, as well as community development policy organizations, and representatives of local or state economic development or housing agencies. Members of the CAB are:
Dan Betancourt, Executive Director, Community First Fund, Lancaster, PA
Will Gonzalez, Executive Director, Ceiba, Philadelphia, PA
Phyllis Salowe Kaye, Executive Director of New Jersey Citizen Action, Newark NJ
Rev. Terrance Keeling, Executive Director, Central Baptist Community Development Corporation, Wilmington DE
Chris Kui, Executive Director of Asian Americans for Equality, New York, NY
Juan Leyton, Executive Director, Dudley Street Neighborhood Initiative, Boston, MA
Luis Mora, Executive Director, Finanta, Philadelphia, PA
Seila Mosquera, Executive Director, Neighborhood Housing Services of New Haven, New Haven, CT
Christie Peale, Executive Director of the Center for New York City Neighborhoods, New York, NY
Jesse Van Tol, Chief Operating Officer, National Community Reinvestment Coalition, Washington, DC
Jaime Weisberg, Senior Campaign Analyst, Association of Neighborhood Housing Developers, New York, NY
Sharon Conard Wells, Executive Director, West Elmwood Housing Development Corporation, Providence, RI
Clark Ziegler, Executive Director, Massachusetts Housing Partnership, Boston, MA
The Bank is also establishing statewide/regional advisory boards in its footprint to ensure ongoing community input and will be enhancing its current Community Development and CRA teams with the addition of 17 new positions in the coming years.
Partners in the Community Benefits Agreement:
Affordable Housing Centers of Pennsylvania
Allentown Housing Authority
Association for Neighborhood and Housing Development
Berks County Latino Chamber of Commerce
Bridge Street Development Corporation
Business Outreach Center Network, inc.
Capital Good Fund
Center for NYC Neighborhods
Central Baptist Community Development Corporation
Centro Hispano Daniel Torres Inc
Church Community Housing Corporation
Community Action Partnership of Lancaster County
Community Neighbors United
Community Service Network Inc
Concerned Black Clergy Council of Waterbury
Conneticut Citizen Research Group
Covenant Community Corp. Camp Curtin Community Neighbors United
Delaware Community Reinvestment Action Council, Inc
Dorchester Bay Economic Development Corporation
Edgemoor Revitalization Cooperative, Inc.
Fair Housing Rights Center in Southeastern Pennsylvania
Fenway Community Development Corporation
Greater Berks Development Fund
Habitat for Humanity MetroWest/Greater Worcester
Habitat for Humanity of Berks County
Habitat for Humanity of New Castle County
Hartford Community Loan Fund
Housing Network of Rhode Island
Housing Works RI
Lancaster Equity Community Development Corporation
Lancaster Housing Opportunity Partnership
Liberty Resources, Inc.
Local Enterprise Assistance Fund
Long Island Housing Services, Inc.
Mass. Assoc. of Community Development Corporations
Massachusetts Affordable Housing Alliance
Massachusetts Communities Action Network
Nehemiah Gateway Community Development Corp
Neighborhood House, Inc. Southbridge
Neighborhood Housing Services of Greater Berks, Inc.
Neighborhood Housing Services of Waterbury
NeighborWorks Blackstone River Valley
NeighborWorks New Horizons
New Jersey Citizen Action
NH Community Loan Fund
Nicetown Community Development Corporation
Oak Hill CDC
Philadelphia Chinatown Development Corporation
Revitalize Community Development Corporation
Southside Community Land Trust
Southwest Community Development Corporation
Spanish American Civic Association
St James Chapel COGIC
The Ministry of Caring Inc.
Tri County Community Action
United Communities Southeast Philadelphia
University Neighborhood Housing Program
West Elmwood Housing
White Wing Educational Community Development, Inc.
Women's Institute for Housing & Economic Development