Page 2 THE MALDEN ADVOCATE–Friday, September 6, 2019 Mystic Valley Elder Services receives $10K from Eagle Bank to update website E agle Bank recently awarded Mystic Valley Elder Services (MVES) $10,000 toward redesigning and redeveloping its company website with a portion of the gift to be used to support MVES’s Money Management Program, a significant resource that offers relief from daily money management tasks that some older adults encounter. “We are very grateful to Eagle Bank and its generous donation to help us renew and create a state-of-the-art website,” said MVES CEO Daniel O’Leary. “The gift will also be a tremendous help in providing support to older adults who have difficulty with budgeting, paying routine bills, and keeping track of financial matters through our Money Management Program.” “As a community bank, giving back to the communities that we serve is a core comPortal To Hope (“PTH”) offers a Veterans Program to families impacted by family violence and trauma. Mentors for this program are needed. If you are a veteran who wants to share your leadership in the cause to end domestic violence and join PTH’s Team, please call George Romvos at (781) 338-7678 for more information. ponent of the Bank’s mission,” said Eagle Bank President/CEO Marc Whittaker. “Mystic Valley Elder Services is an organization that provides an incredible service to those in need of support. We look forward to continuing our long-term relationship with Mystic Valley Elder Services and helping them achieve their ultimate goals and objectives.” The primary goal of the Money Management Program is to promote self-sufficient living for those at risk of losing their independence due to an inability to manage their financial affairs. The Money Management Program is a statewide program operated locally through MVES and is funded in part by the state’s Executive Office of Elder Affairs and private sponsorships and donations, such as Eagle Bank. The bank has been donating to MVES programs for more than 14 years and to the website upkeep for 17 years. Eagle Bank recently awarded Mystic Valley Elder Services $10,000 toward redesigning and redeveloping its company website and to support its Money Management Program. Taking part in the gift presentation, from left to right, were Eagle Bank Vice President/Community Reinvestment Act Officer William Rivers, MVES CEO Daniel O’Leary and Eagle Bank CEO/President Marc Whittaker. (Courtesy Photo) City officials unite behind plans for affordable housing By Barbara Taormina M ayor Gary Christenson, the Malden Redevelopment Authority (MRA) and the City Council are working together on a slate of strategies to create more affordable housing in Malden. Evan Spetrini, MRA’s senior planner & policy manager, and Alex Pratt, MRA’s community development director, were at this week’s City Council meeting to outline proposals for an affordable housing trust fund, a feasibility study on inclusionary zoning and a security deposit pilot program. The number of affordable housing units that might be created as a result of these proposals won’t come anywhere close to the hundreds of luxury market-rate apartments coming online in the city, but it is a start. Pratt explained that an affordable housing trust fund managed by residents and local housing experts would coordinate efforts to preserve and create affordable housing. Other communities have channeled community preservation funds earmarked for affordable housing into these trust funds, but there are also other financial resources, such as grants and development fees. “There are all different ways we can use an affordable housing trust fund to meet our housing needs,” said Pratt. He mentioned there are currently 65 abandoned or foreclosed residential properties in the city. Pratt suggested there may be an opportunity to use the trust fund to buy and rehab some of those properties to create affordable housing. Extending the affordability status and rental rate on housing units where that requirement is set to expire is another possible use of the trust fund. To help launch the affordable housing trust fund, Christenson has proposed changing the way the city disperses development mitigation fees. The city collects a $2,000 mitigation fee for every new unit of housing created and, in the past, that money was split evenly between the mayor and the City Council. Councillors then divided their share of the money 11 ways so they could fund neighborhood improvement projects and small infrastructure repairs. Christenson is now calling for half of the mitigation money coming into the city to be channeled into the affordable housing trust fund. Malden expects to collect more than $1 million in fees from the Jefferson Apartment Group and the developers of Overlook Ridge in the coming year. The city’s second affordable housing strategy involves inclusionary zoning which requires developers to include affordable units as part of any new residential construction project. At a Planning Board meeting back in September 2016, Councillor-at-Large Debbie DeMaria and Ward 4 Councillor Ryan O’Malley presentPLANS | SEE PAGE 13
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