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FEDERAL HOME LOAN BANK SYSTEM COMMUNITY INVESTMENT PROGRAM ALREADY SURPASSES 1992 YEAR GOAL

 FEDERAL HOME LOAN BANK SYSTEM COMMUNITY INVESTMENT PROGRAM
 ALREADY SURPASSES 1992 YEAR GOAL
 WASHINGTON, July 22 /PRNewswire/ -- The Federal Housing Finance Board revealed today that the Federal Home Loan Bank System Community Investment Program (CIP) advances (loans) through June reached $804.5 million. This amount already exceeds the 1992 target goal set by the Finance Board of $795 million. This lending will result in 20,179 housing units, with 82 percent owner-occupied and 18 percent rental.
 "Through its financial institution members, the Bank System is committed to the community. These loans not only create housing opportunities, but also are used for community development. Some of the projects include downtown revitalization projects, a rural area motel, a community arts center and assistance for small businesses," Daniel F. Evans Jr., Finance Board chairman, said.
 One project in Reading, Pa., will facilitate the purchase and renovation of a building to be used as an AIDS services center for Reading and area residents. Another advance is being used in Suwanee, Ga., to refinance housing and to construct a gymnasium and athletic facility for residents of Annandale Village -- which is a 25-year old non-profit organization and community established for mentally and physically handicapped residents.
 "CIP funds will be used to construct a building in Seattle that will provide rental units for low-income and handicapped people, while small businesses will occupy space on the ground floors. Located in Seattle's inner city, this project is an excellent example of the creative use of CIP funds to help a neighborhood and its residents," Evans added.
 For the first six months of 1992, the District Banks made 224 individual CIP advances to 134 different Bank System financial institution members. Of the projects, 166 will fund homeownership units, 44 will fund rental units and 18 are either mixed use projects or economic or community development projects.
 In 1991, close to $1 billion in CIP advances were made by the Banks. This was a 91 percent increase over 1990's $500 million CIP lending. The Community Investment Program provides advances through Bank System members to finance the purchase or rehabilitation of owner-occupied or rental housing for families whose income does not exceed 115 percent of an area-median income.
 CIP funds also are used to finance commercial or economic development activities that benefit low- and moderate-income families or activities located in low- and moderate-income neighborhoods. Projects also may combine housing and commercial or economic development activities.
 Advances for the CIP are provided to Bank System member financial institutions at the cost of consolidated Federal Home Loan Bank obligations, plus reasonable administrative costs.
 -0- 7/22/92
 /CONTACT: Charles H. Powers of the Federal Housing Finance Board, 202-408-2986/ CO: Federal Housing Finance Board ST: District of Columbia IN: FIN SU:


TW -- DC010 -- 1836 07/22/92 11:15 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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