REMINDER/PMI Mortgage Insurance Co. and East LA Community Corporation Introduce Gateway Cities Initiative to East Los Angeles in a Partnership to Develop Affordable Housing.News and Assignment Editors REMINDER...for Monday (May 20) --(BUSINESS WIRE) Dreaming of Home Ownership; Low-income Families in Boyle Heights Hope To Get Lucky Through Unique Public/Private Program PMI See Private Mortgage Insurance. Mortgage Insurance Co. and East LA Community Corporation will celebrate the American dream American dream also American Dream n. An American ideal of a happy and successful life to which all may aspire: of homeownership as they expand affordable housing opportunities in East Los Angeles East Los Angeles, uninc. city (1990 pop. 126,379), Los Angeles co., S Calif., a residential suburb of Los Angeles, in an industrial area. It has a large Mexican-American population. There is a performing arts center and a cultural center. A junior college is there. neighborhoods. The event will recognize efforts of civic and business leaders to help first-time homebuyers achieve their dream through an array of innovative programs and initiatives. It also celebrates East LA's diverse low-income residents who have worked hard to prepare for this opportunity. The PMI Group The PMI Group (NYSE: PMI) is a provider of credit enhancement products that promote homeownership and the provision of services essential to the building of strong communities. , a mortgage insurance company with an office in Irvine, has established a $200,000 revolving fund for the use of the East Los Angeles Community Corporation (ELACC ELACC East Los Angeles Community Corporation ) to help rehabilitate homes in the city's Boyle Heights neighborhood for purchase by low-income families. PMI created the revolving loan fund A Revolving Loan Fund (RLF) is a source of money from which loans are made for small business development projects. A loan is made to one person or business at a time and, as repayments are made, funds become available for new loans to other businesses. for ELACC to be used to purchase older or decaying homes and renovate them for the benefit of local families and the neighborhood.
Event: Celebration of the American Dream of Homeownership.
Breakfast pastries and refreshments will be served.
Where: 530 South Boyle Avenue, Los Angeles at the East LA
Community Corporation.
When: Monday May 20th, 2002, 10:00 am
Who: PMI Chairman and CEO Roger Haughton, East LA Community
Corporation Executive Director Maria Cabildo, an array of
civic leaders and many of the families who have worked hard
to prepare for home ownership.
Contact: For PMI: Josh Wozman, 415/495-1991, joshw@shinoff.com
For ELACC: Maria Cabildo, 323/269-4214 ext. 27,
mcabildo@eastlacc.org
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