Economic development in our communities

Supporting local economic development through investment in residential neighborhoods and commercial projects.

Billings Forge

Hartford, CT

  • Billings Forge Apartments was created through the historic renovation of a landmark nineteenth century tool plant into a multi-family mixed-income apartment complex.
  • The project consists of a 98-unit Mill, along with several smaller adjacent properties, which collectively house another 15 households. The property also includes community gardens, a playground, meeting space, and an on-site farmers market.
  • People's United Bank’s $6,543,736 low-income housing tax credit and historic tax credit equity investment will significantly contribute to the revitalization of a community that has long struggled with unemployment and poverty.

Black River Produce

North Springfield, VT

  • The “Vermont Packinghouse” was created through the renovation of an abandoned Ben & Jerry’s manufacturing facility into a state-of-the-art slaughterhouse and meat processing facility.
  • Since its completion in 2014, the “Vermont Packinghouse” facility has allowed Black River Produce to meet the high demand for locally-raised meats by providing Vermont farmers with much needed slaughterhouse services.
  • People's United Bank provided much of the capital necessary to make the “Vermont Packinghouse” a reality with its $2,964,000 new markets tax credit equity investment. The “Vermont Packinghouse” has also economically benefited the local community, having created 23 new full-time jobs and preserved another 165 jobs.

Far Rockaway

Queens, NY

  • Far Rockaway Village will be a significant multi-family development in Queens, and the largest residential development planned in the Downtown Far Rockaway neighborhood rezoning plan.
  • The first phase of the project includes 457 apartments, along with the construction of two public streets and the new public Village Plaza in the centermost part of the neighborhood.
  • People’s United Bank’s $10 million low-income housing tax credit and energy tax credit equity investment will play a large role in transforming this long-neglected site into a vibrant village center.

Franklin Light and Power Mill

Franklin, New Hampshire

Franklin Mill is a historic renovation of the Franklin Light and Power Mill into affordable one- and two- bedroom apartments.

Originally built in 1895, the development includes 45 residential units located along the Winnipesauke River. As the largest single investment in the Town of Franklin’s history, Franklin Mill was recognized as a project with a remarkable community impact by the Plan NH Merit Awards in 2018. Franklin Mill also offers a community garden, education courses, and on-site health clinics.

With a $3 million low-income housing tax credit equity investment, People’s United Bank plays a key role in efforts to establish a more active and dynamic downtown area in Franklin.

Lofts at Saco Falls

Biddeford, Maine

The Lofts at Saco Falls is a historic renovation of a vacant nineteenth century textile factory building into one- and two-bedroom apartments.

The Lofts at Saco Falls is 92,000 square feet and consists of 80 residential units located near the Saco River. The development is a short walk from the downtown areas of Biddeford and Saco, and includes a landscaped courtyard, fitness center, and community room. The Lofts at Saco Falls received the MEREDA Notable Project Award in 2016 and the Maine Preservation honor Award in 2017.

People's United Bank’s $4,986,750 low-income housing tax credit and historic tax credit equity investment will help meet the Biddeford community’s high demand for affordable housing and play a central role in rejuvenating struggling local business.

Aerial view of development construction converting former brick mill factory complex into community residential housing

Railroad Avenue Lofts

Bridgeport, CT

Railroad Avenue Apartments was created through the historic renovation of a vacant nineteenth century industrial mill into a multifamily apartment complex.

The first phase of the project includes 157 residential units and 65,000 square feet for a Charter School. The second phase will provide an additional 154 units of housing and a planned grocery store.

With a $7 million low-income housing tax credit equity investment, People’s United Bank will play a significant role in efforts to revitalize a long blighted block on which the site is located, and help create more than 400 new jobs.

Siena Village Apartments

Smithtown, NY

Siena Village is a rehabilitated senior residential community originally built in 1979. The development consists of 298 apartment units in 18 two-story residential buildings, specially designed to serve seniors and people with disabilities.

The project also includes the rehabilitation of a community center and a health and wellness center. Siena Village residents have direct access to Smithtown’s many boardwalks and beaches.

People’s United Bank’s $5 million low-income housing tax credit investment plays a crucial role in efforts to allow elderly and disabled persons of all income levels access to affordable housing and exceptional senior care.

Aerial view of residential condominium housing development Sienna Village with gray rooftops and leafy green trees

Massachusetts Housing Investment Corporation

In 2015, People’s United Bank teamed up with 12 other investors and non-profit syndicator, Massachusetts Housing Investment Corporation, to form Massachusetts Housing Equity Fund XXII. This $86.8 million multi-investor fund was created with the purpose of providing affordable housing to low-income households in Massachusetts.

The fund’s Project Investments provide a total of 736 affordable housing units, and involve both the new construction and rehabilitation of existing multi-family rental housing structures throughout the state.

People’s United Bank funded nearly 6% of the fund with its $5 million investment, as the bank continues to assist in making safe and sanitary housing affordable to low-income households in its community.

Reinvestment Act

We are uniquely positioned to provide high-quality lending and banking services to all economic segments within our communities, in compliance with the federal Community Reinvestment Act (CRA), including supporting the economic development of the communities featured here.

For more information about Community Development:

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