Cape Cod Five has partnered with Habitat for Humanity of Cape Cod Inc. to provide new affordable housing units to first-time homebuyers utilizing funds recently awarded by the Federal Home Loan Bank of Boston (FHLB Boston). As a financial institution member of FHLB Boston, Cape Cod Five worked with Habitat for Humanity of Cape Cod to participate in FHLB Boston’s annual competitive grant program, which awarded a grant of $83,970 to the nonprofit organization for its affordable housing initiative in Dennis.
“We are keenly aware of the need for accessibility to housing of all different types for residents of all walks of life to help our communities thrive,” said Dorothy A. Savarese, President and CEO of Cape Cod Five. “Supporting affordable housing projects is vital to the sustainability of our region and helping our local families continue to live and work in our communities.”
Cape Cod Five will administer the grant on behalf of FHLB Boston and provide construction financing for the affordable housing initiative, which will consist of three new homes. One of the homes will be targeted to a family earning at or below 60 percent of the area median income, while the other two homes will be targeted to families at or below 50 percent of the area median income. Habitat for Humanity of Cape Cod will partner with the selected families to build the new homes and will provide a comprehensive series of homebuyer education seminars and financial empowerment workshops for the new homeowners. This initiative, which is also supported by the Town of Dennis, is the twelfth project in which Cape Cod Five has partnered with Habitat for Humanity of Cape Cod and FHLB Boston since 2012, resulting in a total of 44 affordable homes built on Cape Cod.
Habitat for Humanity of Cape Cod was founded in 1988 as an affiliate of Habitat for Humanity International. The nonprofit organization’s mission is to work in partnership with families in need to build homes, hope, lives and community. Habitat for Humanity of Cape Cod has built homes in all 15 towns on Cape Cod.
About Cape Cod Five
Founded in 1855, Cape Cod Five is an independent state-chartered savings bank with over $3 billion in assets. Through its 23 offices, Cape Cod Five offers a broad range of financial products and services to customers living on Cape Cod, Martha’s Vineyard, Nantucket and in Southeastern Massachusetts communities. Services include consumer and commercial banking products; residential mortgages; investment management and trust services. Member FDIC
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