Money Helps First-Time Homebuyers and Affordable Housing Initiatives

BOSTON, Dec. 4, 2001 – Access Capital Strategies announced today that it has received a $5 million investment from Eastern Bank to assist with affordable housing and first-time homebuyer initiatives in Massachusetts.

The Access Capital Strategies Community Investment Fund, Inc. (the “Fund”), based in Cambridge, will use the investment by Eastern to purchase mortgage-backed securities for low- and moderate-income housing developments and first-time homebuyers.

“Eastern’s investment will provide additional opportunities for affordable housing efforts throughout the region,” said Ron Homer, CEO of Access Capital Strategies LLC, the manager of the Fund. “We are delighted that Eastern shares our vision for housing, as demonstrated by this substantial investment targeted to Massachusetts residents.”

Since its inception in 1998, the Fund has facilitated the financing of more than 4000 units of affordable housing nationally, including 1252 units in Massachusetts.

“Access Capital Strategies is a proven leader in the effort to create affordable housing in Massachusetts,” said Mark Primeau, Executive Vice President in charge of Consumer Banking at Eastern. “Our investment in Access Capital Strategies is yet another example of Eastern’s commitment to providing affordable housing in the Greater Boston area.”

Among other housing initiatives, Eastern participates in the Massachusetts Affordable Housing Alliance’s “Soft-Second Program,” which provides below-market mortgage rates to low-income families. This fall, Eastern also agreed to participate in MassHousing’s Municipal Mortgage Program, which provides no money down mortgages to municipal employees who buy homes in the communities where they work.

Access Capital Strategies LLC is a registered investment advisor and the manager of the Access Capital Strategies Community Investment Fund, Inc. As manager of the Fund, Access purchases a wide range of community development securities in the secondary market including securities backed by home mortgage loans, affordable rental housing loans, commercial real estate loans and small business loans. The Fund provides liquidity to institutions by acquiring their portfolios and increasing their lending capacities for additional community development activities.

Eastern Bank is a $3.9 billion full-service banking company with 46 offices in Greater Boston. Eastern’s business lines include consumer banking, corporate lending, capital markets, small business banking, cash management, equipment leasing, private banking, trust and investment management, mortgage banking, and consumer finance.

For more information, contact: Joe Bartolotta, Public Relations Director, Eastern Bank,
(781) 596-4411, or e-mail Joe Bartolotta.