Boston, MA (December 21, 2015) – The black share of conventional home-purchase loans in Boston has fallen by over 40% in the last six years so that in 2014 they received only 3.6% of all loans in the city although they constitute 21.0% of all households. In seven of the city’s twenty major neighborhoods not a single home-purchase loan was made to a black borrower.
More positively, the implementation of the Massachusetts’s unique CRA for Mortgage Lenders law appears to have had a favorable impact on the relative performance of independent mortgage companies in serving traditionally underserved borrowers and neighborhoods in Boston, Greater Boston, and Massachusetts.
These are among the most dramatic findings presented in the Massachusetts Community and Banking Council’s twenty-second annual report on local mortgage lending. Changing Patterns XXII: Mortgage Lending to Traditionally Underserved Borrowers & Neighborhoods in Boston, Greater Boston and Massachusetts 2014 was prepared for MCBC by Jim Campen, professor emeritus of economics at UMass Boston and longtime MAHA board member.
Yes, there was cake! And spoken word by Rudy and Teri from ARTiculation. And a great dinner by Taste of Dorchester restaurant Irie Jamaican Style. And, in a special ceremony, a fitting tribute to the team at the Massachusetts Housing Partnership.
MAHA celebrated its 30th anniversary on December 7th in Dorchester at the newly renamed Sheridan-Hagins Homeownership Center. MAHA board members Esther Maycock-Thorne, Symone Crawford and Thadine Brown joined staffers Shelly Goehring and Tom Callahan to publicly thank MHP for its efforts to "lasso the moon" for low and moderate income homebuyers.
MHP executive director Clark Ziegler accepted a plaque from MAHA and told attendees, "We couldn't do what we do without the support of MAHA. It's really an honor for us to be honored by you because I can't think of another organization that we respect more for what it does to help homebuyers."
MHP senior staffers in attendance included Ziegler; Deputy Director and General Counsel Judy Jacobson; Chief Financial and Administrative Officer Charleen Tyson; Director of Homeownership Kelly Maloy; Program Manager Thais DeMarco; and Director of Public Affairs Rus Lodi. In addition, MHP staff members Ramya Varanasi, Michelle Cilien, Barbara Carrera, Rita Farrell, Laura Shufelt, and Carsten Snow were honored by MAHA.
MAHAMassachusetts Affordable Housing Alliance
1803 Dorchester Avenue
Dorchester, MA 02124
By email: firstname.lastname@example.org
By phone: 617-822-9100
By fax: 617-265-7503