Dime Commercial Bank Launches Affordable Housing Group

Dime Commercial Bank today announced its entry into the affordable housing space with the launch of a dedicated group that will serve developers that are building or preserving affordable and workforce housing.

The launch of the Affordable Housing Group is part of Dime’s growth plan to expand specialized commercial banking verticals and drive organic growth through targeted talent acquisition and market expansion.

The group will be led by Michael Camoia, who joins Dime as Senior Vice President, Head of Affordable Housing. Mr. Camoia recently served as Senior Vice President, Director of Community Development and Community Reinvestment Act Finance at BankUnited.

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The new vertical will focus on:

• Pre-development, construction, and permanent financing for affordable and workforce housing developers, including supportive housing.
• Tax Credit Equity Investment — Direct equity investments in Low-Income Housing Tax Credit (LIHTC) transactions supporting multifamily, mixed-use, and mixed-income developments.
• Collaborating with state housing finance agencies, and local CDFIs to expand access to subsidized capital for affordable housing sponsors.

“Affordable housing capacity is under strain across the country, and we see this expansion as consistent with our focus of reinvesting in our communities while at the same time developing solid commercial banking business and relationships,” said Stuart H. Lubow, President and Chief Executive Officer of Dime. “The launch reflects both our Community Reinvestment Act strategy and rising demand from developers and municipalities for reliable, well-capitalized lending partners. Dime continues to be the bank-of-choice for talented and entrepreneurial individuals, and we are excited to welcome Mike Camoia to lead this new vertical for us.”