Economic Development
OVERVIEW | ECONOMIC
DEVELOPMENT SERVICES | RESOURCES
FOR STAKEHOLDERS
The Department's goal is to contribute to neighborhod stabilization by developing,
growing, and preserving community assets. While we focus on financial assets,
our goal is to strengthen people's confidence in their futures and in their neighborhood's
future.
We help people build personal savings, achieve homeownership and succeed as homeowners,
develop and grow small business and helping owner occupants of 1- to 4-family
homes plan for equipment replacements and handle emergency repairs. Collectively
the strength of these assets helps to stabilize neighborhoods.
To learn more, please access one or more of the following links listed
below.
OVERVIEW:
CSNDC is exploring the formation of an IDA program in collaboration
with Tremont Credit Union (TCU). CSNDC believes in the leveraging power of
IDAs while recognizing the major challenge in raising matching money in order
to access federal money. TCU is already working on an active IDA program with
another cdc, therefore, the NDC has a model to follow. Additionally, we are
exploring affiliate membership with MIDAS.
We are exploring piloting our IDA efforts with STRIVE to target two
populations: ex-offenders and single mothers. The project's goal is to empower
these graduates to build assets through wage growth. The IDA component is catalyzed
with seed deposits, which Microsoft also funded. STRIVE and CSNDC are currently
preparing a joint work plan for the 3 parties involved in this pilot: STRIVE
(computer training), the Organization for New Equality (Financial Fitness Education)
and CSNDC (IDA formation and management).
In addition to fostering asset building through wage growth and savings, all
3 organizations recognize the potential, as wage growth occurs for these populations,
to link that with the IDA support with the goal of having participants purchase
a home. CSNDC can supplement this pilot by augmenting the financial education
piece, while providing participants with pre and post purchase education in
preparation for homeownership.
Through this new program model, we potentially will create a continuous pipeline
of homeownership-ready residents eligible to apply for the 50 or so new affordable
homes that CSNDC will be developing over the next 18 months.
ECONOMIC DEVELOPMENT SERVICES:
Small Business Assistance Program
Codman Square NDC is committed to helping small business owners and budding
entrepreneurs connect with resources they need.
- Provides individuals who want to start a business tools such as model business
plans;
- Hosts workshops sponsored by the U Mass Center for Small Business Development;
and
- Assists business owners or budding entrepreneurs in accessing loans available
through a community collaborative.
If you would like more information, please contact Keyna Samuel, providing
your name and contact information at 617.825.4224 ext. 134 or at keyna@csndc.com
Home Buyer & Homeowner Education
The Economic Development Department manages the sale of homes developed by
the NDC’s Real Estate Development Department for sale to low-moderate income
buyers. The management of these transactions includes pre-purchase training
and post-purchase counseling for the buyers.
CSNDC has begun to develop post-purchase training as an independent
line of activity, which could generate fees for the NDC from stakeholder
organizations.
Home Improvement & Lead Safety Improvement
Loans
This is a one stop, start-to-finish service for owner occupants of 1- to 4
family homes in Boston. Coaching on how to prioritize improvements, how to
select a contractor and help with forms are value-added services provided
by CSNDC's professionally trained staff. This program can help you plan,
install and finance:
- Durable repairs & upgrades;
- lead paint safety improvements; and
- energy efficiency improvements.
Improvements in 2 - 4 family homes to help owner occupants:
- Provide better, affordable rental units;
- keep tenants longer; and
- cut turnover & vacancy costs.
If you are an eligible owner occupant of a 1- to 4-family home in Boston, we
can help you get the money you need to make improvements with an affordable
loan or by refinancing your mortgate.
Contact
Veronica Truell
Telephone: 617.825.4224, ext. 124
Email: veronica@csndc.com
Veronica has significant experience in home mortgage lending and is highly
trained in residential mortgage curricula offered by NeighborWorks®America.
To better serve you, please fill out our Loan Application Form and provide
Roland your information so you can get started today!
If you are concerned about your credit score - Please visit our Financial Fitness
section and learn about our one-on-one free consultation services. Our team
has helped many homeowners restructure their finances and achieve their financial
goals with peace of mind.
back to top of page
RESOURCES FOR STAKE HOLDERS:
This section contains information important to CSNDC's current and future stakeholders.
Review CSNDC's track record, accomplishments, organizational plans/reports,
etc. View list of CSNDC's current Collaborators.
Collaborations
In its membership in the Boston Community Development Collaborative (BCDC),
the CSNDC is one of 7 organizational partners with Tremont Credit Union (TCU)
in the formation of a community-driven Credit Union.
About a decade ago several leaders of the member organizations began to discuss
the issue of the lack of low/moderate income-friendly financial services in
the community, the prevalence of check cashers, payday lenders, and other wealth-stripping
agents.
These agents serve neighborhoods with heavy concentrations of people with limited
financial resources but whose aggregate wealth in the millions. These millions
flow out of the community rather than circulating within it. The BCDC partnership
researched a number of ways to change this pattern and decided upon a credit
union. After careful consideration, the group selected TCU and formed the partnership.
Today, the partnership expects to open its first branch in September, 2006,
in Dudley Square, Boston.
TCU is a full service financial institution. TCU’s community financial
partnership with BCDC is unique because this credit union is driven
by a partnership of 7 faith- and community-based organizations (Community
Financial Partnership).
According to its recent draft strategic plan, the mission of the BCDC
is to provide relevant financial product and service options, and promote
and stimulate the development of personal wealth and community economic
development for residents and small business owners of low- to moderate-income
communities in Suffolk County.
The basic tactic all members are following is to recruit as many TCU
members as possible. While we have all begun that effort, we are in
the process of setting specific goals for each member of the partnership
to achieve before and after the branch opening.
Another mission fulfillment tactic some partnership members use is
Financial Literacy or Financial Fitness Education. The CSNDC has a
successful program, which we want to enhance through the formation
of an IDA program, which we are exploring with Tremont Credit Union.
We believe that IDAs are a natural link to financial fitness education
to leverage goal-oriented savings through IDA matches for program participants.
A third tactic is to support small business operators or those who
wish to form a business. The CSNDC has begun exploratory discussions
with Tremont Credit Union about ways we can collaborate to meet the
financing needs as well as training needs of small business operators.
Because Tremont Credit Union is a full service financial institution
we can access business loans, leveraging other loan resources CSNDC
can access through a small business assistance collaborative. Additionally
Tremont Credit Union frequently participates in training workshops
for individuals, for homeowners, and for small business operatos.
back to top of page
