Harborlight Homes Receives a $2 Million Equity Equivalent Investment (EQ2) from First Citizens Bank to Advance Mission of Affordable Housing

Beverly, MA – Harborlight Community Partners (DBA Harborlight Homes), a Beverly-based nonprofit, today announced that it has received a $2 million Equity Equivalent Investment (EQ2) from First Citizens Bank to support Harborlight’s affordable housing efforts.
The low-interest EQ2 made to Harborlight Homes, a Massachusetts-certified Community Development Corporation, will reinforce Harborlight’s affordable housing portfolio across 12 communities located north of Boston in Essex County. They include Beverly, Salem, Marblehead, Peabody, Saugus, Lynn, Wenham, Hamilton, Rockport, Gloucester, Ipswich and Rowley.

The $2 million investment gives Harborlight the opportunity to deploy low-cost funds for acquisition, construction, and predevelopment, thus advancing the pipeline, reducing development costs, and allowing the organization to explore new projects. This will support varied demographics and needs, and the types of housing created by the non-profit developer. The EQ2 is a five-year loan with two one-year extension options.

Andrew DeFranza, Executive Director of Harborlight Homes, stated, “This infusion of low-interest funds to advance Harborlights’ affordable housing efforts is truly groundbreaking. There is a direct line between this investment from First Citizens Bank and our project plans for the coming five years.” He continued, “The housing that will be created via these investments will change lives across the region.”

Harborlight Homes is currently working on several developments in multiple cities and towns in the county. The affordable housing will benefit elders, essential workers, families, disabled individuals, and more.

“We are pleased to provide this EQ2 investment to Harborlight Homes for the important work they are doing to expand affordable housing options for communities in Essex County,” said First Citizens Bank Boston Area Executive Jason Nettles. “First Citizens has a growing presence in the Northeast since our acquisition of Silicon Valley Bank and its Boston-based private banking and wealth management business, and we’re proud to continue to build on SVB’s legacy of community investment in Massachusetts through this transformative initiative with Harborlight Homes.”

This is the first EQ2 loan for Harborlight Homes and the largest EQ2 loan First Citizens Bank has made in Massachusetts for community development since acquiring SVB.
Prior to this EQ2 loan, First Citizens closed a $1 million EQ2 to Rhode Island-based Capital Good Fund (CGF) last March. CGF, a certified Community Development Financial Institution, will deploy the EQ2 proceeds to borrowers in Massachusetts, Texas, Colorado, Georgia and Florida.

About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 500 branches and offices in 30 states; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.

Harborlight Homes is a non-profit, MA-certified Community Development Corporation, which develops, manages and advocates for quality, service-enriched housing that is affordable and inclusive. In 12 communities across Boston’s North Shore, Harborlight serves low and fixed-income elders, struggling families, essential workers, those who are disabled, and families and individuals experiencing homelessness. Harborlight Homes collaborates with communities to cultivate just, equitable and sustainable housing opportunities.