MassHousing Honors Cape Cod Five Cents Saving Bank for Being Top Lender in Barnstable County

Bank originated 70 MassHousing Mortgages for $14.1 million in financing

BOSTON, MA – May 25, 2010 – (RealEstateRama) — MassHousing recently honored Cape Cod Five Cents Savings Bank for being the Agency’s top-producing lender in Barnstable County in 2009.

“Cape Cod Five Cents Savings Bank has been a valued partner in providing quality, affordable fixed-rate mortgage loans for low- and moderate-income residents in Barnstable County,” said MassHousing Executive Director Thomas R. Gleason. “The commitment shown by the bank and its staff to affordable housing is reflected in this award.”

The Cape Cod Five Cents Savings Bank was honored for being the 2009 top producer of MassHousing Mortgages in Barnstable County. The bank originated 70 home loans worth $14.1 million.

“The Cape Cod Five is pleased to be recognized by MassHousing as an important partner providing responsible home financing for low- and moderate-income borrowers in the communities we serve,” said bank President and CEO Dorothy A. Savarese. “MassHousing is a national leader among Housing Finance Agencies throughout the country providing low-cost, responsible and innovative mortgage programs. As a community bank committed to providing responsible lending for affordable housing, we look forward to continuing our successful partnership with the Agency.”

MassHousing works with a statewide network of more than 160 approved lending partners to make available its diverse suite of affordable mortgage products. The Agency provides fixed-rate, 30-year mortgages with low and no down payments that feature competitive interest rates. MassHousing’s second mortgages allow homeowners to make general repairs, remove hazardous lead paint, or bring a failing septic system into compliance with the state’s Title V. For more information on MassHousing’s products for homebuyers and homeowners, visit www.masshousing.com/homeownership.

About Cape Cod Five Cents Saving Bank

Formed in 1855, Cape Cod Five Cents Savings Bank has grown to be one of Cape Cod’s largest banks and its leading lender, while remaining a mutual savings bank. It is a full service community bank with 14 branches from Wellfleet to the Cape Cod Canal, and its total assets exceed $1.9 billion.

About MassHousing
MassHousing (The Massachusetts Housing Finance Agency) is an independent, quasi-public agency created in 1966 and charged with providing financing for affordable housing in Massachusetts. The Agency raises capital by selling bonds and lends the proceeds to low- and moderate-income homebuyers and homeowners, and to developers who build or preserve affordable and/or mixed-income rental housing. MassHousing does not use taxpayer dollars to sustain its operations, although it administers some publicly funded programs on behalf of the Commonwealth. Since its inception, MassHousing has provided more than $10.4 billion for affordable housing. For more information, visit the MassHousing website at www.masshousing.com.

Contacts
Eric Gedstad: 617.854.1079 | egedstad (at) masshousing (dot) com
Tom Farmer: 617.854.1843 | tfarmer (at) masshousing (dot) com