Corporate Social Responsibility Press Release
provided by 
11.18.2008 - 04:27pm ET
News from:
Wainwright Bank & Trust Company
Wainwright Bank Receives $25 Million In New Markets Tax Credits Program
(CSRwire) BOSTON, MA - November 13, 2008 - The U.S. Department of the Treasury has
awarded Wainwright Bank & Trust Company (NASDAQ: "WAIN") and Affirmative
Investments, Inc. a $25 million allocation in the sixth round of the
federal New Markets Tax Credits (NMTC) program. Of the 239 organizations
that applied earlier this year, Wainwright is one of 70 selected.
The NMTC program awards tax incentives to private sector investors who
provide investment capital to entrepreneurs and businesses that create
economic growth and jobs in distressed neighborhoods.
"Especially in the current economic climate, this award will enable us to
further our nationally-recognized socially progressive lending
activities," said Jan A. Miller, President and CEO of Wainwright Bank.
"We will partner with CDCs and private developers to provide financing for
projects in four highly distressed Boston neighborhoods: Hyde Park,
Mattapan, Dorchester and Roxbury."
"New Markets allow us to provide critical capital to investments in
low-income neighborhoods that could not happen without the program," said
David Ennis, President of Affirmative Investments. Wainwright applied for
the NMTC allocation jointly with Affirmative Investments.
About Wainwright Bank
With $1 billion in assets and 12 branches throughout Greater Boston,
Wainwright is widely recognized as the country's leading socially
progressive bank. It has committed over $700 million in loans to socially
progressive development projects including affordable housing,
environmental protection, health clinics, homeless shelters, inner-city
schools and many others. The Bank was named the "ultimate high-purpose
company" in a recently published best selling book by award-winning
author, Christine Arena, entitled "The High-Purpose Company".
About Affirmative Investments
Headquartered in Boston, and serving clients nationwide, Affirmative
Investments provides comprehensive financing and development services to
community-based and mission-driven sponsors that expand housing
opportunities, stimulate economic development and deliver critical
services that directly and positively impact low-income people and
low-income communities. Affirmative Investments has facilitated the
financing and development of more than $900 million of affordable housing
representing over 5,300 units since its founding in 1983.
For more information please contact:
Steven F. Young, SVP
Wainwright Bank
617-478-4000
wainwrightbank.com
www.wainwrightbank.com
News Categories:
Community Development and Socially Responsible Investing
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