Liberty Bank Honored with Affordable Housing Award Middletown

On April 22, Liberty Bank was honored at the NeighborWorks® New Horizons annual meeting with an affordable housing achievement award. Commercial Real Estate Officer Christa Smith and Community Development Officer Calvin Price accepted on behalf of the bank. “Liberty Bank believes that everyone deserves an affordable place to live and we are willing to do our fair share to make that happen,” said Mr. Price.

In 2010, the bank collaborated with the nonprofit NeighborWorks® New Horizons (based in New Haven and with offices in New London) to complete a total of seven projects in Norwich, New London and Meriden. Federal funding and $1 million in loans from the bank ultimately made available a total of 12 housing units for low- to moderate-income families in those towns.

“We acquire foreclosed and abandoned properties in viable neighborhoods and rehab them for local working families seeking safe, quality, affordable housing,” says Julie Savin, Director of Real Estate Development, NeighborWorks® New Horizons. “The goal is to ensure our communities remain healthy and accessible to families at all income levels.”

From a lending standpoint, Ms. Smith says, “This was a successful partnership. As long as the federal grant money is there, we’re committed to funding more projects like this.”

Average home costs in Connecticut are among the highest in the country. In some communities home prices prohibit people employed in town – teachers, fire fighters, and police officers – from living there. Mr. Price notes that a growing trend is the exodus of 18-to 34-year-olds from the state. “Young people cannot afford to live here,” he says.

“It’s critical to the Connecticut economy that we retain a workforce. A solid housing market and affordable homes are an essential first step to turning this trend around,” says Mr. Price.

NeighborWorks® New Horizons is a nonprofit organization working to provide quality affordable homes for Connecticut’s working families in New Haven and New London Counties since 1992. “Developing Homes, Transforming Lives,” is the foundation of the organization’s mission. Through partnership and collaboration, NeighborWorks® New Horizons has created 350 homes, which directly contributes to the strengthening of communities and the revitalization of neighborhoods where families and individuals can enjoy a better quality of life.

Established in 1825, Liberty Bank is Connecticut’s oldest mutual bank, with more than $3.4 billion in assets and 42 banking offices throughout the central, eastern, and shoreline areas of the state. As a full-service financial institution, Liberty offers consumer and commercial banking, home mortgages, insurance, and investment services. Rated outstanding by federal regulators on its community reinvestment efforts, Liberty maintains a longstanding commitment to superior personal service and unparalleled community involvement.