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NATIONSBANK TO PURCHASE, RENOVATE 11 FORECLOSED APARTMENT COMPLEXES

 ATLANTA, March 31 /PRNewswire/ -- In what is believed to be the largest single private investment in affordable housing in the history of metro Atlanta, NationsBank (NYSE: NB) today announced it will purchase and renovate 11 foreclosed apartment complexes with 2,811 rental units.
 NationsBank will pay approximately $22 million to the Federal Home Loan Mortgage Corporation (Freddie Mac) for the properties. The properties include three large apartment complexes in the city of Atlanta, four others in Fulton County, two in DeKalb and one each in Cobb and Clayton counties. NationsBank plans to spend more than $12 million to repair and renovate the apartment units.
 As part of the agreement, the Atlanta Neighborhood Development Partnership, Inc. (ANDP), a non-profit community organization that helps revitalize Atlanta's neighborhoods, will be a partner with NationsBank by contributing $500,000 toward the purchase. ANDP will aid NationsBank by providing community services, including helping to select minority contractors that will perform rehabilitation work on the properties.
 The investment is a project of the NationsBank Community Development Corporation (CDC), a subsidiary formed in 1978 dedicated to providing affordable housing in urban areas. Prior to this transaction, the NationsBank CDC has developed or rehabilitated more than 3,500 housing units valued at approximately $120 million.
 The buildings to be purchased range in size from 100 units to 512 units and are between 20 and 30 years old. The units will be maintained so they will be affordable to families with household incomes that range from $13,000 to $18,000 annually, which is less than 50 percent of the metro Atlanta median household income.
 The 11 complexes are now approximately 70 percent occupied. Approximately 650 units are in such poor condition that they cannot be inhabited.
 "NationsBank has made a commitment to improve housing and education in Atlanta, and this project helps fulfill our housing goals," said Jim Lientz, president of NationsBank of Georgia. "By renovating these apartment units, we will help stabilize neighborhoods and provide a climate for good schools and economic growth."
 "There exists, in the country today, a serious need for decent, affordable rental housing," said Thomas J. Watt, Freddie Mac's senior vice president of multifamily housing. "We believe this can be accomplished most efficiently through the rehabilitation of underutilized housing stock."
 According to Dennis Rash, president of the NationsBank CDC, the subsidiary has the experience and the expertise to take on this large transaction. "We recently completed a multifamily housing rehabilitation project in Texas of similar size and scope. This renovation, along with others we've done throughout our 14-year history, will enable the CDC to make the Atlanta project a success."
 In addition to its $500,000 contribution, ANDP will help develop community services for residents of the properties, focusing primarily on the three buildings within the city of Atlanta.
 "I and members of ANDP's board and staff look forward to working with NationsBank in going beyond just the rehabilitation -- but in the development of a sense of community within each of the complexes," said Hattie Dorsey-Hudson, ANDP's executive director.
 The rehabilitation of the apartment units will consist of a variety of improvements. For example, central air conditioning will be installed in each apartment in the 512-unit Overlook Atlanta complex in Atlanta. None of those apartment units currently has air conditioning. Renovation work on the other buildings will include replacing roofs, repairing plumbing, installing appliances, painting and carpeting the units and improving security and landscaping.
 NationsBank will be the general manager of the apartment buildings. The company has hired LEDIC Management Group, of Memphis, Tenn., and Atlanta, as the property manager.
 NationsBank is the fourth-largest banking company in the United States with $118 billion in assets and more than 1,700 banking centers in nine states and the District of Columbia.
 -0- 3/31/93
 /CONTACT: Scott Scredon of NationsBank, 404-607-5225/
 (NB)


CO: NationsBank Corporation; Atlanta Neighborhood Development
 Partnership, Inc. ST: Georgia IN: FIN SU: RLE


BR-BN -- AT004 -- 1400 03/31/93 10:01 EST
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Date:Mar 31, 1993
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