ESSEX — Results of recent voting by Essex Savings Bank customers who participated in the bank’s Community Investment Program were announced April 17.
The top ten winners in attendance received special recognition.
Each year Essex Bank customers are asked to select from a list of qualified non-profit organizations that applied to the bank for funding. This year 71 organizations applied.
Each year Essex Bank donates ten-percent of its net after-tax income to non-profit organizations within the bank’s service area, which includes Chester, Deep River, Essex, Lyme, Madison, Old Lyme, Old Saybrook and Westbrook.
According to Thomas Lindner, the bank’s vice president and community-relations officer, 7,180 votes were cast during this year balloting period in February and March. Lindner said that $77,400 was to have been disbursed during the month of April based on ballot results. The remaining $80,591 will be distributed over the year by directors, senior management and branch managers. By year end 2013, $257,991 will have been allocated to more than 200 organizations, bringing the total distribution since the inception of the program in 1996 to $3,673,544.
Said Essex Savings President and CEO Gregory R. Shook, “Our Community Investment Program is designed to provide vital financial support and visibility to these dedicated organizations and their people who enhance the quality of life in our communities.”
Eighty-five non-profits (37 in state) share largesse
BRIDGEPORT — The People’s United Community Foundation, the philanthropic arm of People’s United Bank, announced today that it awarded $531,500 in grants to nonprofit organizations throughout the communities it serves in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine during its first grant cycle of 2013.
Eighty-five organizations (including 37 in Connecticut) received funding in support of programs that ranged from basic needs services and affordable housing projects to literacy and workforce development programs. The funding was distributed within the foundation’s three areas of focus: 51 percent allocated to youth development, 32 percent to community development, and 17 percent to affordable housing initiatives.
Of the $531,500 total, $211,000 went to non-profits headquartered in Connecticut. Of these, $5,000 each was awarded to the Mary Wade Home and Habitat for Humanity, both in New Haven; and $6,500 to Big Fun Education in Madison.
The two largest Nutmeg State awards — $20,000 each — went to the Family Assets Program of FSW Inc. in Bridgeport, and the Sandy Hook School Support Fund of the United Way of Western Connecticut in Newtown.
“With the onset of 2013, People’s United Community Foundation continues to see significant needs across our footprint,” said foundation Executive Director Vincent Santilli. “The foundation is pleased to be able to assist 85 organizations within our communities that are working vigorously to address those needs and improve the quality of life for residents.”
Established in 2007, People’s United Community Foundation was formed to help support programs and activities that enhance the quality of life for citizens in the communities that People’s United Bank serves. The foundation places particular emphasis on programs designed to promote economic self-sufficiency, education and improved conditions for low-income families and neighborhoods. The foundation’s funding priorities include community development, youth development and affordable housing.
$350K to help create homes for Elm City workers
NEW HAVEN — The Greater New Haven Community Loan Fund (GNHCLF) has received $350,000 from Purdue Pharma, LP to support its Workforce Housing Program, focused on facilitating and funding the creation of affordable and stable housing for individuals and families who live and work in New Haven.
Purdue Pharma’s contribution will support the creation of as many as 30 housing units for New Haven workers earning less than 100 percent of the Area Median Income (AMI). Additionally, GNHCLF has dedicated 60 percent of the funds to serve households earning less than 80 percent of the AMI ($65,000 for a family of four).
The contribution from Purdue Pharma was made to GNHCLF through the State Housing Tax Credit Contribution Program (HTCC) after GNHCLF was awarded $500,000 in tax credits by the Connecticut Housing Finance Authority (CHFA).
“The HTCC program offers Connecticut businesses an opportunity to contribute to the expansion of affordable housing in their communities by donating to non-profit developers building affordable homes,” explained CHFA Executive Director Eric Chatman. “In return for the donation, businesses receive credits to apply toward state taxes. This program has resulted in the creation of more than 4,100 affordable homes in the last five years.”
“We are delighted to support affordable housing through the HTCC program,” said John H. Stewart, president and CEO of Purdue Pharma, headquartered in Stamford. “We have been partnering with Habitat for Humanity of Coastal Fairfield County on affordable housing for several years, and are pleased to extend our support to the New Haven area.”
“The 2010 U.S. Census revealed that the city of New Haven experienced a five-percent increase in its population, the largest growth rate of any Connecticut city,” said GNHCLF Executive Director Carla Weil. “If New Haven is to continue attracting new growth in the economic sector, it needs to offer accompanying quality and affordable housing options to the workforce. Purdue Pharma’s generous contribution will help us to play a part in that growth.”