Bristol County Savings Bank Recognized With 2023 Community Impact Award From Wolters Kluwer Compliance Solutions
Bristol County Savings Bank was recognized for its program, "Equity Investment Program: Joint Partnership with Pawtucket Central Falls Development (PCF Development)." This initiative addressed the severe shortage of affordable housing in low- and moderate-income areas in the cities of Pawtucket and Central Falls, Rhode Island. The Bank’s initial investment grew into the creative use of funding to underwrite several initiatives, including the establishment of a joint venture focused on acquiring area real estate along with a woman-led non-profit that excels in creating safe and affordable homes and apartments.
"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 Saykar, 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."
One of the Bank’s investments with 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, the Bank 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.”
Added Ann-Marie Lefebvre, CRA Officer for Bristol County Savings Bank, "To date, we've funded three investments totaling $750,000 showcasing the unique structure of the equity investment program and the collaborative efforts of our team, the Board, and non-profit partners. It was one of these investments that expanded our collaboration with PCF Development, exemplifying our commitment to addressing the housing crisis in our community and ensuring access to safe and affordable homes while contributing to the long-term sustainability of strong neighborhoods.”
About Wolters Kluwer: Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services. Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,900 people worldwide. The company is headquartered in Alphen ann den Rijn, Netherlands.
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