Trading the world of corporate finance for building affordable housing in Maine

Rebecca Hatfield is the president and CEO of Avesta Housing, a nonprofit in Maine that works to provide affordable housing. She's also a member of the Community Development Advisory Council at the Federal Reserve Bank of Boston. The CDAC informs Boston Fed leaders about New England community development activities and barriers to economic growth. It also advises Reserve Bank staff on ways the Bank can support regional community development efforts.

What is Avesta Housing? And how is your work making an impact in New England communities?

"There's a housing crisis in Maine and New Hampshire, and it's acute, and it's ongoing. And Avesta works to alleviate it by creating and providing affordable homes. So, we do that in a couple ways. We have 800 units in our development pipeline, because there's a growing need for more supply, more housing inventory. We're also promoting housing stability by providing safe, quality homes and support services to 4,700 residents every day. In whatever we do, we're always looking to be collaborative and innovative. We want to be an integral part of solving this crisis because it directly helps to improve lives and strengthen communities."

How did you find yourself in the nonprofit sector and at Avesta?

"I started out as a software and network engineer coming out of college and worked for various companies until I attended grad school. I got my MBA and worked for Citigroup for 10 years. That's when I really dove into finance, touching various areas including corporate finance, commercial banking, real estate, and working with hedge funds and private equity companies. I made the change because I've always had a mix of being analytical and strategic but also very compassionate. I've always had the desire to make a difference in the world by helping people."

In addition to your leadership of Avesta, you are on several boards - and you're a mother. How do you juggle your different roles?

"The most important thing that I do is be a mom to my 7-year-old daughter. When I look at all my roles, being a partner to my husband and a parent will always be number one. My daughter is my heart. She and all children are our future. And so, my investment in her is, of course, so I can be supportive of her development, but also so she can be a strong part of the community that we live in."

What interested you about the Boston Fed's Community Development Advisory Council?

"I think the council provides an opportunity to understand the economic landscape better. It also allows me to have an informative voice by providing on-the-ground insight of economic conditions and how the Fed can continue to be an effective partner in community development. I view the CDAC as a venue to have a regional conversation, both sharing what's happening in Maine, but also hearing from others in New England and discussing similarities and differences. Fed leaders and staff can then bring that perspective to the broader Federal Reserve System."

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