DONOR SPOTLIGHT | Cape Cod 5
Leaders of the Cape Cod Five Cents Savings Bank see the housing crisis from many angles, whether it’s first-time homebuyers who are priced out of the market or employees who have to endure long commutes from the rental housing they can afford.
“The issue has become mainstream and lots and lots of people are painfully aware of it,” said Robert Talerman, president of the Cape Cod Five. “We’re all aware of someone – either a relative, a friend or a workmate – who has in some way, shape or form been affected by the lack of either a house they can afford to buy or the lack of rental inventory. It creates issues from a workforce standpoint, from a year-round population standpoint and from a recruitment standpoint – and it’s only gotten more pronounced.”
“It’s a topic we’re all passionate about it,” said Matthew Burke, CEO of Cape Cod Five. “We see employers using strategies, including buying houses for employee housing. They’re not necessarily thrilled to be using up their capital to do that, but it just shows you how much of an issue this is.”
Cape Cod Five supports Housing Assistance in many ways, including as an Annual Corporate Sponsor. Liam Cahill, director of residential lending operations at Cape Cod Five, is a member of the Housing Assistance board of directors.
Housing Assistance is well positioned to help make a difference in the housing crisis, Talerman said. “Housing Assistance is involved in a variety of levels on the solution side, of late and historically,” he said
“Development projects are part of the solution, along with new housing advocacy efforts and training efforts. At the bank, we also very much rely on and appreciate the work that Housing Assistance does to educate first-time home buyers and home buyers in general. Sometimes it’s that difficult counseling work to help people retain their home in situations where there is a cash-flow or budgeting challenge.”
“There is no silver bullet, so it’s up to all of us to do everything we can to create a more diverse housing stock,” said Burke. “It’s going to take some time, but it’s something we have to figure out together with business leaders and other people across the Cape and Islands. We know we can count on Housing Assistance to be a big part of that.”