40 Influential Leaders - Clay Adams

Clay Adams
CEO of Mascoma Bank

Clay Adams has played a key role in bringing together leaders from the Upper Valley to tackle the lack of affordable housing in the region. Adams is the CEO of Mascoma Bank, one of the first banks in the country to be certified as a “B Corporation,” a designation for businesses that hold themselves to a high standard of service and transparency to their employees, communities, and the planet.

Adams helped to form the Corporate Council, which he calls “an Upper Valley version of the BIA,” and says his role is “convener of the discussion.” The group, which includes business leaders from both NH and Vermont, meets every couple of months to discuss topics at the intersection of public policy and business. “What we kept finding ourselves talking about, in addition to day care and transportation, was housing,” Adams says. “Housing was the most pronounced theme.”

The members of the Corporate Council formed a plan to address the lack of affordable housing. Business leaders started attending local land use boards, advocating for updated zoning to allow for affordable housing. They also funded a position in Vital Communities, a nonprofit that provides services, including housing. A group of eight businesses invested in a fund to provide more favorable financing for development projects that are affordable for someone making between $15 and $25 per hour.

The have raised $10 million, which should create about 240 units. “We’re all in this together; we can’t just work within our own traditional spheres of influence and think we’re going to solve this,” Adams says.