NORWICH, N.Y. — NBT Bank and CEI-Boulos Capital Management launched a $10 million real-estate equity investment fund called NBT-CEI Boulos Impact Fund to create community-oriented real-estate projects in 26 counties across the state.
NBT Bank is the sole investor in the fund, designed to support individuals and communities with low and moderate 
income through investments in high-impact, community-supported commercial real-estate projects located within the bank’s Community Reinvestment Act (CRA) assessment areas in New York. Enacted in 1977, the CRA encourages financial institutions to help meet the credit needs of the communities they serve including low- and moderate-income neighborhoods.
“As a community bank, NBT is committed to the communities we serve,” NBT Bank President/CEO John Watt, Jr. said in a press release. “This includes doing our part to create stronger, healthier neighborhoods. We believe that investments in projects that deliver critical affordable housing can also have a ripple effect in supporting job creation and strengthening our communities.”
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The project investment area includes Chenango, Clinton, Cortland, Delaware, Essex, Franklin, Fulton, Greene, Hamilton, Montgomery, Otsego, St. Lawrence, Albany, Rensselaer, Saratoga, Schenectady, Schoharie, Madison, Onondaga, Oswego, Herkimer, Oneida, Broome, Tioga, Warren, and Washington counties.
NBT plans to create a social-impact advisory board to evaluate redevelopment and new construction projects that align with community needs. Projects can include multi-family, mixed-use, industrial, office, retail, and hospitality.
Areas NBT will target include projects that support job creation, affordable and workforce housing, Main Street revitalization and historic preservation developments that do not contribute to gentrification/displace, developments that serve nonprofit organizations, and environmentally sustainable real-estate developments.
CEI-Boulos, which manages the NBT-CEI fund, is a fund-management company that helps banks achieve their CRA objectives by organizing and managing funds that invest in financially attractive, high-impact commercial real estate. CEI-Boulos prioritizes collaborative projects between various entities including nonprofits, local and state government, philanthropic institutions, banks, community development finance institutions, community-based organizations, private investors, and local developers.
“We’re thrilled to be working with NBT Bank on this innovative fund to invest in high-impact, community-supported real estate projects in New York state,” Sam Spencer, CEO and managing director of CEI-Boulos said.
Headquartered in Norwich, NBT Bank has branches in New York, Pennsylvania, Vermont, Massachusetts, New Hampshire, Maine, and Connecticut. Parent company NBT Bancorp has assets of $12.1 billion.
Maine-based CEI-Boulos Capital Management is a real-estate investment-fund management company that serves banks, family offices, and other institutional investors. Areas of specialization include Opportunity Zones and the Community Reinvestment Act.
