CAMBRIDGE, MASSACHUSETTS, October 11, 2005 --- East Cambridge Savings Charitable Foundation donated $23, 000 to Homeowners Rehab, Inc., (HRI), to be used for affordable housing initiatives in its Trolley Square Development. The donation consists of funds from the John P. Allen Affordable Housing Assistance Fund, which was created to honor John Allen’s retirement last Fall from the Bank after 41years and a match from the East Cambridge Savings Charitable Foundation with funds specifically earmarked for affordable housing donated by the East Cambridge Savings Bank, in honor of the Bank’s 150th Anniversary.

The Trolley Square development, located on the former site of the MBTA storage facility for electrical buses on Massachusetts Avenue, in North Cambridge, is a mixed-use development comprised of 40 units of affordable housing for low and moderate-income families in Cambridge. In addition there will be retail and community space and a public open space.

"We at East Cambridge Savings Bank are thrilled to be able to donate these special funds to Homeowners Rehab. What a wonderful way to pay tribute to John Allen for making affordable housing a reality, and to thank HRI for the great work they do in creating and preserving existing affordable housing within our community," declared Arthur C. Spears, president and chief executive officer of East Cambridge Savings Bank.

"Trolley Square will have a tremendous positive impact on the Cambridge community," John Allen, states, "I am honored to know that I will have played a role in creating these affordable homes. When the development is complete, I think I might stroll through the open space with my grandchildren."

"East Cambridge Savings Bank has a long history of serving the Cambridge community, and Homeowners Rehab, Inc. is honored to have their foundation and John Allen's fund be a key participant in Trolley Square," said, Peter Daly, Executive Director of Homeowners Rehab Inc.

Homeowners Rehab, Inc. (HRI) was established in 1972 to create and preserve affordable housing for low and moderate income households in Cambridge. HRI has developed over 1,400 units and operates approximately 872 units of rental housing in Cambridge.

East Cambridge Savings Bank, incorporated in 1854, provides both businesses and individuals with a full line of banking services. The Bank is headquartered in Cambridge with additional full service offices in Cambridge, Belmont, Somerville, and Waltham, MA, and an educational training facility at Cambridge Rindge and Latin School, Cambridge, MA. Through East Cambridge Savings Charitable Foundation, thousands of residents in our communities have received support.

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