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Boston Herald
Boston Herald
7 Apr 2023
Lance Reynolds


NextImg:First Citizens Bank committed to affordable housing projects across Massachusetts, official says

First Citizens Bank says it has begun conversations with “key Boston community leaders” around how to continue affordable housing commitments made by defunct Silicon Valley Bank.

First Citizens and Trust Bank late last month acquired the collapsed SVB, an institution that, according to members of Massachusetts’ congressional delegation, had “extensive investments and partnerships in the (state’s) affordable housing sector.”

In an email to the Herald, Jacqueline Vose, executive director of strategy and community investment for First Citizens Bank, said while initial conversations have taken place, further discussions with more groups and government officials are scheduled in the coming days.

“First Citizens Bank is proud of its 125-year strong track record of supporting the communities where we live and work,” Vose said. “We take seriously our commitment to invest in and support our communities through affordable housing and other community development initiatives.

“We want to take an informed and thoughtful approach to doing what’s right to strengthen the Greater Boston area,” she added.

The state’s congressional delegation on Thursday sent a letter addressed to the CEO of First Citizens, urging the bank’s new owners to keep intact SVB’s commitments to affordable housing in the state.

Some of those commitments include financing 18 affordable housing developments with over 800 units currently under construction which will be “largely dependent on the fulfillment of the outstanding lending and investment obligations made by SVB.”

“In the middle of a worsening affordable housing crisis, it is critical that there is a continuation of these activities under new ownership to avoid the disruption of local affordable housing development pipelines and initiatives,” the delegation wrote in its letter.