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COOPERATIVE HOUSING OFFERS OWNERS CONTROL OVER LIVING ENVIRONMENT

    COOPERATIVE HOUSING OFFERS OWNERS CONTROL OVER LIVING ENVIRONMENT
    WASHINGTON, March 3 /PRNewswire/ -- Cooperative housing is not only reaping the benefit of increased activity spurred by lowered interest rates but is providing ownership opportunities to people with varied lifestyles and income levels.  Cooperative housing offers owners greater control over their living environment.
    Debbi Hurd-Baptist, vice president, National Cooperative Bank (NCB), a lender in cooperative financing, said, "because they offer ownership, cooperatives empower their members and give them an economic stake in society."
    NCB offers competitive market-rate financing with attractive terms to housing cooperatives for refinancing and capital improvements. Additionally, NCB Savings Bank, FSB, provides share loans to individuals to purchase, refinance, or modernize their cooperative housing units in major markets nationwide.
    NCB has provided financing for over 17,000 units of affordable housing.  In a prime example of cooperation between lender, developer and community, NCB spearheaded Project LEND (Lenders Efforts for Non- profit Development).  This $10 million loan pool is aimed at assisting in the creation of non-profit sponsored housing for low- to moderate- income families in the District of Columbia.  Capitalized by NCB and five other Washington-area lenders, Project LEND had increased the District's stock of affordable housing by 165 units a year-end 1991. Efforts are underway to replicate Project LEND in other communities.
    NCB is also taking a leadership role in the fast-growing market of retirement housing cooperatives which provide older Americans ownership in a supportive setting, including lifecare projects and qualifying mobile home parks in Florida and California.  People with a diversity of incomes can enjoy the benefits of homeownership through NCB's innovative and flexible lending approaches to affordable housing.
    NCB has maintained a leadership role in the housing market, remaining a stable and financially healthy source of financing throughout the depths of the credit crisis.  "NCB has developed a reputation as one of the country's leading experts in providing permanent financing for cooperative apartments," noted Jim Titus, a vice president at Standard and Poor's (S&P).  S&P has been evaluating and rating NCB mortgage pass-through for the past four years.
    NCB is widely experienced in structuring financial services for cooperative housing -- from arranging market rate transactions to participating in low-income tenant conversions throughout the United States.  NCB and its affiliate, NCB Development Corporation (NCBDC), has formed a team of lenders who operate nationwide, specializing in financing opportunities for affordable housing.  Financing is also provided by NCB and NCBDC to cover the gap between available grants and developmental costs for Mutual Housing Associations as well as housing efforts sponsored by neighborhood associations and community development corporations.
    NCB and NCBDC Specialties:
    -- tenant-sponsored conversions
    -- mixed use; includes commercial co-op units
    -- senior housing/congregate care
    -- pre-development and bridge loans for affordable housing efforts
    -- mobile home park cooperatives
    -- share loan financing
    Housing Specialists:
    -- Debbi Hurd-Baptist, vice president, National Cooperative Bank
    -- Terry D. Simonette, president and chief operating officer, NCB
       Development Corporation
    -- Noreen Beiro, vice president, NCB Development Corporation
    -- David C. Schallich, assistant vice president, NCB Development
       Corporation
    -- Lisa Carter, assistant vice president, NCB Savings Bank, FSB
    -0-                       3/3/92
    /CONTACT:  Louise M. Grant of National Cooperative Bank, 202-745-4797/ CO:  National Cooperative Bank ST:  District of Columbia IN:  FIN SU: SM -- NYHFNS4 -- 4265 03/03/92 07:14 EST
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Copyright 1992 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Mar 3, 1992
Words:538
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