Malden Receives $5K To Fund Affordable Housing Analysis

MALDEN, MA — East Boston Savings Bank donated $5,000 to the city's affordable housing efforts. The gift will help cover the analysis necessary to develop an inclusionary zoning policy, according to city officials.

Inclusionary zoning policies require residential developments to build a certain percentage of deed-restricted affordable homes. In order to develop a policy that does not set the requirements too high or low, officials commissioned an analysis.

"This generous contribution brings us closer to passing an inclusionary zoning ordinance and making Malden a more affordable city for all of our residents," Mayor Gary Christenson said in a statement. "I'm proud that we have a partner like East Boston Savings Bank to help us preserve our community and move Malden forward."

In addition to inclusionary zoning, the mayor and the Malden Redevelopment Authority have advocated for an Affordable Housing Trust Fund and a Security Deposit Pilot Program. The City Council recently adopted the Affordable Housing Trust Fund ordinance, and the Security Deposit Pilot Program has been under review by the Community Preservation Commission (CPC) since being submitted by community partner Action for Boston Community Development (ABCD) in September.

"Once I heard more about what Mayor Christenson was looking to accomplish by creating an inclusionary zoning policy the Bank was all for it," Richard J. Gavegnano, president and CEO of East Boston Savings Bank, said in a statement. "The results of the analysis will help create the new policy supporting the City’s affordable housing strategies and protect the City’s diverse community as well as provide affordable housings to its residents."