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Wainwright Bank Lends $1.2 million to Tent City Corporation
Boston, MA, October 14, 1998 - Tent City Corporation
has received a $1.2 million loan from Wainwright Bank
to create 10 units of affordable housing in Boston's
South End.
The project, located on East Springfield Street, will make available 10 newly renovated condominium units to individuals and families at or below 80% of the $52,000 median income as well as one unit at market rate.
Tent City Corporation is a nonprofit community development corporation formed in 1979 to provide for citizen involvement in neighborhood development. In addition, it seeks to provide decent, affordable housing for displaced or inadequately housed residents of the South End and Lower Roxbury Urban Renewal Area of Boston. Through mixed-income housing, supportive programs, and the encouragement of cultural, racial and economic diversity, Tent City is dedicated to building powerful, healthy communities.
Low income families occupy 40% of earlier Tent City projects, with 51% African-American, 12% Latino and 6% Asian-American residents represented. Tent City provides housing for approximately 800 individuals.
Nearly 20% of Wainwright Bank's loan commitments are to affordable housing and other socially responsible community development projects such as homeless shelters, food banks, AIDS services, women's health projects, and environmental protection. Wainwright Bank serves individuals, families and businesses in the greater Boston area with a nationally recognized commitment to social justice in both its internal and external practices. ^ back to top ^
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