Feb 19, 2010 -
The Claremont Savings Bank and the Federal Home Loan Bank of Boston announced today they have donated a total of $2,000 to the Turning Points Network Revolving Loan Fund. The money will be used by Turning Points clients who need a short-term loan for rental advances or security deposits when obtaining a new apartment.
“The Turning Points Network does a lot in our community for victims of violence and other families in need,” said Candace Crawford, senior vice president of finance for Claremont Savings Bank. “Because the money would be used to help secure housing for local residents, we thought it would be a worthwhile contribution to make. ‘Housing’ is what FHLB is all about.”
The Federal Home Loan Bank made the award as part of its “Grants for New England Partnerships” program. Claremont Savings Bank became eligible to participate in the program when the Bank submitted and disbursed funds as part of the FHLB’s Community Development Advance program in 2009. The Advances were used to fund home mortgages and home improvements that improved the housing stock in the area.
The Grants program is a partnership between the Bank and community-based nonprofit organizations in developing successful community investment initiatives. Claremont Savings Bank donated $1,000 and it was matched with $1,000 from the Federal Home Loan Bank.
“We are pleased that this donation will be used to get people in need of affordable housing a chance to obtain it. The staff at the Turning Points Network said they were thrilled to be getting the additional assistance,” said Crawford.