Cambridge, MA — Cambridge Savings Bank (CSB), a full-service mutual bank with a customer-first approach and more than $5 billion in assets, announced its financial support for two organizations fighting back against homelessness in the Boston area: Cambridge Housing Authority (CHA) and Caritas Communities.
With a shared mission of offering housing to low-income individuals in the greater Boston area, CHA provides long-term rental housing and rental assistance through its Public Housing and Housing Choice Voucher (HCV) Programs, while Caritas leverages a unique pricing model to work with each of its 1,000+ residents to find an affordable rent based on their income.
The combination of economic fallout from the pandemic, the current active housing market and the cost of living in Cambridge has created a housing crisis. In fact, CHA has over 21,000 low-income individuals and families on its waiting list seeking subsidized housing – many of whom have been waiting years. To help CHA finance 52 units of affordable housing in Cambridge, CSB’s Corporate Banking team developed a customized lending package. The loan has also freed up strategic capital to build new housing, recapitalize existing space, and preserve current properties that often require substantial rehabs.
“Cambridge is the 3rd most expensive market in the Boston area; a place many families in our community call home, and it’s critical that we partner with organizations who are committed to solving the housing crisis,” said Mike Johnston, Executive Director at Cambridge Housing Authority. “We are proud to partner with a bank that has such a devoted passion for giving back to the community. The recent lending package and long-standing support we have received from CSB has allowed us to provide affordable housing and security to a number of families experiencing genuine hardship.”
In addition to housing assistance, CHA offers a voluntary five-year asset-building Family Stability and Savings (FSS) program in partnership with COMPASS Community Capital to help families transition away from reliance on subsidized housing. Improving the overall financial health of the Cambridge community is a shared goal between CHA and CSB, further deepening the relationship between the two organizations.
Since 2013, CSB has also donated $225,000 to Caritas to support their initiatives, and as recently as 2020, helped the nonprofit purchase two maintenance vans, enabling staff to maintain Caritas’ 33 properties. Deepening their relationship with Caritas even further, CSB Chief Customer Officer, Katie Catlender, has recently joined its Board of Directors. Over the years, many CSB employees have participated in volunteer activities and delivered care packages to the Caritas community to aid in preventing homelessness and improving lives.
“At CSB, we place immense value in enriching the lives of people in our communities and providing a resource for individuals and families to lean on during challenging times,” said Catlender. “It is an honor to work with Caritas Communities, CHA and other local organizations who work so hard to provide affordable housing to those who need it the most in Cambridge and the surrounding areas.”
CSB understands there are limited options for individuals who are seeking financial assistance. By partnering with organizations that support underserved communities, CSB continues to respond to the needs of its communities, including providing access to securing safe and affordable housing. For more information on CSB’s commitment to the communities they serve, please visit cambridgesavings.com/community.
