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BOSTON — Patrick E. Clancy, president and chief executive
officer of the Boston-based nonprofit corporation The Community
Builders, has been reappointed to the board of directors
of the Federal Home Loan Bank of Boston (the Bank). The appointment
was made by the Bank’s regulator, the Federal Housing
Finance Board. Mr. Clancy’s current term will expire
on December 31, 2007, and the new term will commence on January
1, 2008, and end on December 31, 2010.
The Community Builders is a large nonprofit housing and
development organization active in 15 states. It has worked
with a wide array of community interests and cities on efforts
to meet affordable-housing needs. The organization has created
over 20,000 units of housing, managing 7,000 of those units.
It has arranged over $1 billion in financing for its community
development work.
Mr. Clancy is a graduate of Holy Cross College and holds a
J.D. from Harvard Law School. In 2004, he received the Sanctae
Crucis award for his lifetime contribution to improving urban
neighborhoods. He previously served on the Bank’s affordable
housing advisory council.
The Federal Home Loan Bank of Boston
is a cooperatively owned wholesale bank for the six New England
states. Its mission is to support the residential-mortgage
and community-development lending activities of its members,
which include over 460 financial institutions across New
England. To accomplish its mission, the Bank utilizes private-sector
capital to provide members and other qualified customers
with reliable access to low-cost wholesale funds, liquidity,
a competitive outlet for the sale of loans, special lending
programs, technical assistance, and other products and services.
For more information, see the Bank's backgrounder.
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