Bristol County Savings Bank honored at 27th Annual CRA & Fair Lending Colloquium
Wolters Kluwer Compliance Solutions has named Massachusetts-based Bristol County Savings Bank (BCSB) the winner of its 2023 Community Impact Award. The announcement was made at the company's 27th annual CRA & Fair Lending Colloquium held Nov. 12-15 at the JW Marriot in Austin, Texas. The Community Impact Award stands as a testament to the innovation and unwavering commitment shown by institutions in their work with underserved communities. Award winners demonstrate the creativity, impact, and economic sustainability of their community reinvestment programs.
Bristol County Savings Bank was recognized for its program, "Equity Investment Program: Joint partnership with Pawtucket Central Falls Development (PCF Development)." This initiative provides affordable housing in low- and moderate-income areas in the cities of Pawtucket and Central Falls, Rhode Island that have faced a severe shortage of affordable housing, a common issue in many cities across the country.
BCSB's initial investment grew into the creative use of funding to underwrite several initiatives, including establishing a joint venture focused on acquiring area real estate on behalf of a woman-led non-profit that excels in creating safe and affordable homes and apartments.
"So far, we've funded three investments, totaling $750,000, showcasing its unique structure and the collaborative efforts of our team, the Board, and non-profit partners" said Ann-Marie Lefebvre, CRA Officer for Bristol County Savings Bank. One of these investments, directed towards 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 home buyers, with preference given to current renters. In addition to the equity investment, BCSB offered first-time home buyer seminars and designed a customized mortgage program, which spurred the origination of 12 of the 14 mortgages in this project alone.
“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,” said Linda Weisinger, Executive Director for Pawtucket Central Falls Development. “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. We believe in the power of community and collaboration, and this partnership is a testament to what can be achieved when we work together towards a common goal.”
As one award judge noted, "Not only is Bristol County Savings Bank investing funds into these programs, but it is also reinvesting their returns back into the program. The program is showing true impact in this community."
"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," said Vikram Savkar, Executive Vice President and General Manager for Wolters Kluwer Compliance Solutions. "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 Community Impact Award is sponsored by Banzai Inc., which provides financial literacy education at no cost for schools, parents, sponsors, and businesses.
"A key component in achieving the American Dream is financial literacy. This skill ensures that community reinvestment continues to provide economic growth and a positive financial return," said Jake Finlinson, Vice President of Sales for Banzai Inc.
For more information, please visit Wolters Kluwer's CRA & Fair Lending Colloquium website.
