Loans made to support projects and businesses in underserved neighborhoods—such as affordable housing, small local businesses, community facilities, or neighborhood revitalization. Think of it as targeted lending meant to boost local economic health; for investors, it matters because these loans can carry different risk and return profiles, affect a lender’s reputation and regulatory standing, and provide predictable community-focused cash flow alongside social impact.
affordable housingfinancial
Housing that is priced or subsidized so households with low to moderate incomes can afford rent or mortgage payments without stretching their budgets; this can include apartments, houses, or units with government support, income limits, or below‑market rents. Investors care because affordable housing often creates steady demand, access to government incentives or guarantees, and lower vacancy risk—like owning neighborhood stores that reliably serve local customers despite economic ups and downs.
economic revitalizationfinancial
Economic revitalization is the set of actions—like public spending, tax breaks, infrastructure upgrades, and support for businesses—aimed at restoring growth and jobs in a weak or declining local, regional, or national economy. For investors it matters because such efforts can boost consumer demand, lift property and stock values, reduce business risk, and create new investment opportunities, much like tuning an engine to make a car run more reliably and efficiently.
new market tax creditfinancial
A New Markets Tax Credit is a government incentive that gives investors a dollar-for-dollar reduction in their federal taxes when they put money into projects and businesses in low-income communities. Think of it as a coupon that makes risky, long-term community investments cheaper, helping projects get funded that might not otherwise attract capital. For investors, it lowers after-tax cost and can improve returns while supporting development in underserved areas.
low-income housing tax creditfinancial
A low-income housing tax credit is a government incentive that gives a dollar-for-dollar reduction in federal taxes to people or firms that invest money into building or renovating rental housing for lower-income renters. Think of it like buying a tax coupon that helps fund affordable apartments: investors put up capital in exchange for steady rental income and a predictable cut in the taxes they owe, making these projects more financially attractive and lowering risk for lenders and investors.
tax-exempt bond financingfinancial
A tax-exempt bond financing is when an entity borrows money by selling bonds whose interest payments are free from certain taxes, most often federal and sometimes state or local income tax. For investors it means lower nominal interest but tax-free income, so yields must be compared on an after-tax basis; for issuers it lowers borrowing costs, similar to getting a loan with a built-in tax discount and affecting both risk and return evaluations.
treasury servicesfinancial
Treasury services are banking tools and routines that help a company manage its cash flow, pay bills, collect receipts, handle currencies and invest short-term funds — like a combined checking account, bill-pay system and short-term savings plan for a business. Investors care because strong treasury practices keep a company liquid and lower financing costs, reducing the risk of missed payments and improving returns on idle cash.
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Yongmei Chen Promoted to Commercial Group Director of Community Development Lending
BOSTON--(BUSINESS WIRE)--
Eastern Bank today announced a key leadership update within its Commercial Lending Team. Senior Vice President Yongmei Chen has been promoted to Commercial Group Director of Community Development Lending. She succeeds Pamela Feingold, who served in the role until her passing on March 16, 2026.
Ms. Chen is a long-tenured Eastern commercial lending leader with over 30 years of banking experience, and has held numerous leadership positions since joining Eastern in 2007. She worked with Ms. Feingold for the past 15 years, serving as a Senior Vice President and Team Leader of Eastern’s Community Development Lending Group when the portfolio grew from under $600 million to over $2 billion. Ms. Chen specializes in lending to nonprofit organizations, particularly for affordable housing and economic revitalization projects. Active in the community, she serves on the Executive Committee of Asian Community Development Corporation; as Finance and Audit Committee Chair of the Preservation of Affordable Housing; as Board Treasurer of English for New Bostonians; and as a member of the Board of Directors of the Massachusetts Housing and Investment Corporation, and Citizens’ Housing and Planning Association’s (CHAPA) Policy Leadership Council. She is a graduate of the Isenberg School of Management at University of Massachusetts Amherst.
“We are fortunate to benefit from Yongmei’s deep experience, significant relationships, and extensive knowledge in both community development lending and the nonprofit sector to carry forward Pam’s incredible legacy,” said Greg Buscone, Executive Vice President, Chief Commercial Banking Officer of Eastern Bank. “In addition to her leadership on different community boards, Yongmei for many years served as a Co-Chair of Eastern’s Asian American Professional Employee Collective. We are confident she will provide steady leadership of the critical and results-driven work of our community development lending team in the communities we serve.”
Ms. Chen said, “Thanks to the dedication of Pam and many others, Eastern’s Community Development Lending Group is very well-positioned to continue its leading work in doing what’s right and smart for our business and our communities. I am honored and humbled to carry Pam’s legacy forward.”
Eastern provides a range of community development financing offerings to fund the development of affordable housing and support the credit needs of nonprofits. Community development lending solutions include construction and real estate financing, working capital lines of credit, multi-layered leverage loans for both New Market and Low-Income Housing Tax Credit projects, tax-exempt bond financing, and highly sophisticated treasury services and deposit products.
About Eastern Bank
Founded in 1818, Eastern Bank is Greater Boston’s leading local bank with more than 125 branch locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, and Rhode Island. As of March 31, 2026, Eastern had approximately $30.6 billion in assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management and Private Banking Divisions, which include the largest bank-owned independent investment adviser in Massachusetts with $9.8 billion in assets under management. Eastern takes pride in its advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at www.easternbank.com and follow Eastern on Facebook, LinkedIn and Instagram. Eastern Bankshares, Inc. (Nasdaq Global Select Market: EBC) is the holding company for Eastern Bank. For investor information, visit investor.easternbank.com.
