June 10, 2024

A group of representatives from the bank and The Neighborhood Developers hold a ceremonial check for $20,000 dollars.

Chelsea, Mass. – East Cambridge Savings Bank today announced a $20,000 donation to The Neighborhood Developers (TND), a Chelsea-based nonprofit organization that preserves and builds affordable housing. Since April, TND has been raising funds for their annual spring appeal, and the bank committed to matching all donations up to $20,000. All funds raised support the organization’s efforts to provide affordable housing and opportunities for those who need it most. In addition to a focus on affordable housing, TND is dedicated to creating strong neighborhoods through offering resources so residents of Chelsea, Everett, and Revere can enrich themselves and determine their own futures.

“It is an honor to support The Neighborhood Developers, an organization that is truly on the front lines of making places like Chelsea a welcoming community where all have access to affordable, safe, and healthy housing,” said Timothy E. Bombard, the bank’s president and chief executive officer. “Chelsea, Everett, and Revere are great communities, and TND is making sure that these cities have a diverse housing stock so people from across the socio-economic scale can live, work, and raise a family. We truly believe in TND’s mission, and we’re glad that the bank’s donation will add to an already successful spring appeal.”

Rafael Mares, TND’s executive director, said that “We are incredibly grateful for East Cambridge Savings Bank’s support, and we were thrilled to see a member of the local business community step up to match our spring appeal. Affordability is critical to strong and vibrant communities, so that all people can live in safe and stable housing. Our spring appeal and this donation are critical to supporting our general operating expenses so we can work every day to make our communities more affordable and welcoming. Local banks also need thriving local communities to succeed, so this partnership is a great fit.”

In addition to preserving and building affordable housing, TND also provides rental and employment assistance, financial and career coaching, and access to affordable food and healthcare. The organization prides itself on providing opportunities for community members to develop skills that help them determine their own futures. 

Currently, TND is close to completing construction on 25 Sixth Street in Chelsea, a building that will feature 56 affordable rental homes and six affordable home ownership opportunities. The new building features green building practices and is right next to an MBTA Silver Line stop.

The donation is eligible for the Community Investment Tax Credit (CITC), a state-run program. Administered by the Executive Office of Housing and Livable Communities (EOHLC), the tax credit encourages individuals and businesses to support community development corporations that provide economic opportunities to low- and moderate-income people. This is the second year in a row that the bank has made a CITC-eligible donation to The Neighborhood Developers, and ECSB has been an annual supporter of TND since the Chelsea Bank merger in 2015. The CITC program enables the bank and others to provide even more support to community development corporations like TND. In the last year, the Cambridge-based mutual bank has donated to Housing Corporation of Arlington, Somerville Community Corporation, Homeowners Rehab, Inc., Neighborhood of Affordable Housing, Inc. (NOAH), and Waltham WATCH CDC through the Commonwealth’s CITC program.  

To learn more about The Neighborhood Developers, please visit their website neighborhooddevelopers.org, and to learn more about East Cambridge Savings Bank, please visit ecsb.com. 

Photo caption: Representatives from East Cambridge Savings Bank and The Neighborhood Developers gather for a ceremonial check presentation at the Chelsea Banking Center. Standing left to right: Osvaldo Guevara, ECSB Assistant Service Manager; Sandy Youssef, ECSB Business Development Manager; Stephanie Burke, ECSB Board of Directors and Executive Committee Member; Timothy E. Bombard, ECSB President and Chief Executive Officer; Rafael Mares, The Neighborhood Developers Executive Director; Gilda M. Nogueira, ECSB Chair of the Board of Directors; Heather Vieira, The Neighborhood Developers Senior Resource Development Manager. 

About East Cambridge Savings Bank:

East Cambridge Savings Bank is a full-service mutually held bank that is committed to be the preferred banking partner in the communities it serves. Established in 1854, the Bank strives to provide an exceptional customer experience and generous support for the community. Headquartered in Cambridge, the Bank has locations in Arlington, Belmont, Cambridge, Chelsea, Malden, Medford, Somerville, Waltham, and Woburn as well as an educational training facility at Cambridge Rindge and Latin School. The Bank is a member of the Federal Deposit Insurance Corporation (FDIC), the Depositors Insurance Fund (DIF), and is an Equal Housing Lender. 

About The Neighborhood Developers:

The Neighborhood Developers (TND) is a 46-year-old community development organization in Chelsea, Revere, and Everett. Our mission is to create strong neighborhoods, enabling community members to secure a stable home, achieve economic mobility, and determine their own future. We tackle affordable housing from all angles including by creating and preserving quality and healthy homes, providing services ranging from rental and employment assistance to career coaching, and helping community members develop their leadership skills.

Leo Gayne
Vice President, Public and Community Relations Officer
(617) 551-2353