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GREAT WESTERN INVESTS $6.6 MILLION IN AFFORDABLE HOUSING DEVELOPMENT

GREAT WESTERN INVESTS $6.6 MILLION IN AFFORDABLE HOUSING DEVELOPMENT
 WEST PALM BEACH, Fla., April 9 /PRNewswire/ -- Great Western Bank announced today that it has invested $6.6 million in Summer Creek Apartments and Villas, an affordable housing development located in suburban West Palm Beach.
 The 62.5-acre Summer Creek development, which was completed in August 1991, provides 770 rental units for low- and moderate-income individuals, families, senior citizens and part-time students. At present, the complex is 83 percent leased.
 "Affordable housing always has been a high priority for Great Western," said James F. Montgomery, chairman and chief executive. "Lenders must reinvest their resources in communities they serve, and we are pleased to fund Summer Creek Apartments in Palm Beach County, which is home to Great Western's Florida headquarters."
 Summer Creek's monthly rents currently range from $427 for a one- bedroom, one-bath unit to $530 and up for a three-bedroom, two-bath unit. Individuals and families with maximum annual incomes ranging from $18,300 for one person to $28,200 for a family of five are eligible to apply for a lease. These income limits are expected to increase in April 1992.
 Summer Creek Apartments and Villas, located at the intersection of Belvedere and Benoist Farms Road, was developed and is managed by The Related Companies of Florida, Inc., one of the largest rental apartment developers and owners in Florida.
 The Miami-based firm has developed, acquired or managed more than 13,000 residential units in 65 developments, including various projects presently under construction. The company is an affiliate of The Related Companies, Inc., a New York-based firm involved in the development and management of residential and mixed-use projects as well as real estate syndication.
 Great Western Bank supports a number of affordable housing programs in Florida, including: Local Initiatives Support Corp.; Neighborhood Housing Services; First Florida Housing Corp.; Greater Miami Neighborhoods, Inc.; CODEC, Inc.; East Little Havana Community Development Corp.; and Centro Campesino.
 With assets of nearly $40 billion, Great Western Financial Corporation (NYSE: GWF) is a diversified financial services company operating more than 1,000 mortgage lending, retail banking and consumer finance offices nationwide. The company's principal line of business is Great Western Bank, a mortgage-oriented consumer bank that operates extensive banking branch networks in Florida and California.
 -0- 4/9/92
 /CONTACT: Gordon Turner, 407-642-5583, or Linda Mueller, 213-852-3653, both of Great Western Bank/
 (GWF) CO: Great Western Bank ST: Florida IN: FIN SU:


AW-BN -- FL003 -- 6641 04/09/92 09:51 EDT
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Publication:PR Newswire
Date:Apr 9, 1992
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