Partnership for Financial Equity

But stretching a mortgage across 50 years would likely not work as effectively, said Tom Callahan, executive director of the Massachusetts-based Partnership for Financial Equity, a nonprofit that aims to close the racial wealth gap.

“The good news: 85 percent of respondents said they trust banks today, reflecting a concerted effort by the industry to reach out to underserved neighborhoods (in part to fulfill banks’ Community Reinvestment Act requirements).

The bad news: Only a quarter of the respondents said they “strongly” agree with the statement that banks are trustworthy. (The polling also showed more than 90 percent have some sort of relationship with a bank, and half of the unbanked residents expressed an interest in starting up an account.)”

Our Homeownership Elevating Equity Award for 2025 went to & for the First Home Program, a groundbreaking initiative supporting public housing residents in becoming first-time homeowners. Through targeted financial education, down payment assistance, and tailored mortgage solutions, this partnership is helping to reduce the racial homeownership gap and build intergenerational wealth.

“The BHA First Home Program has supported 97 BHA first-time homebuyers since 2023 with a majority of buyers purchasing homes in the City of Boston,” said Megan Ryan, Director of Homeownership and Mobility Grant Programs at the BHA. “The success of this program is the result of close collaboration among multiple partners, including the City of Boston Mayor’s Office of Housing (MOH), the Federal Housing Choice Voucher Program, the Massachusetts Housing Partnership (MHP), the Massachusetts Affordable Homeownership Alliance (MAHA), and local lending institutions.”

“Leader Bank is proud to partner with the Boston Housing Authority to help Boston residents achieve their dreams of becoming homeowners,” said Aida R Franquiz, Vice President and Community Development Officer for Leader Bank. “We are honored to receive this recognition for our collaboration with the Boston Housing Authority on the First Home Program which is a reflection of Leader Bank’s commitment to expanding access to homeownership for all.”

Next up are the winners of our 2025 Small Business Lending Elevating Equity Award: Rockland Trust & South Eastern Economic Development Corporation. Both institutions were recognized for their strategic partnership in supporting small businesses—particularly those led by entrepreneurs of color and in under-resourced communities. Together, they have expanded access to capital and no-cost technical assistance, helping small business owners build sustainable enterprises and long-term generational wealth.

“SEED is honored to receive the 2025 Elevating Equity Award in conjunction with Rockland Trust in recognition of the strong partnership between our organizations,” said Sue Murray, SEED’s Executive Director.

“Both SEED and Rockland Trust share a similar mission of promoting and assisting the growth and development of small businesses in underserved markets or owned by socially or economically disadvantaged individuals. Together, SEED and Rockland Trust work to empower entrepreneurs by providing equitable access to affordable capital and free training and education in our communities. The team at SEED is extremely fortunate to have Rockland Trust as our partner!”

“Rockland Trust is honored to partner with SEED in supporting local small businesses in their growth and success,” said Thomas Golden, SVP, Director of CRA and Fair Banking at Rockland Trust. “This recognition reflects our ongoing commitment to expanding financing access to underserved businesses owners in the communities we serve.”