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THE BANK ON NEW YORK COMPANY, INC. PLANS TO LEND $750 MILLION FOR LOW- AND MODERATE-INCOME HOUSING

 THE BANK ON NEW YORK COMPANY, INC. PLANS TO LEND
 $750 MILLION FOR LOW- AND MODERATE-INCOME HOUSING
 NEW YORK, Sept. 24 /PRNewswire/ -- The Bank of New York Company, Inc. (NYSE: BK) today announced plans to lend $750 million over a 10- year period for low- and moderate-income housing in the New York metropolitan area.
 The new program will provide loans for purchasing, renovating, and constructing low- and moderate-income housing, including permanent loans up to 30 years, and home improvement loans up to 15 years. In addition, the bank will establish a new "Home Ownership Initiative," whereby loans for low- and moderate-income housing will be extended, under special underwriting criteria, to applicants who might not be otherwise eligible for conventional loans.
 The new low- and moderate-income housing loan program was developed jointly by The Bank of New York and the Association of Community Organizations for Reform Now (ACORN), and will take effect upon the approval by the board of governors of the Federal Reserve System of The Bank of New York's application to acquire substantially all of the business of Barclays Bank of New York, N.A.
 The bank will also assist ACORN in establishing a loan counseling program to help New York City residents qualify for home mortgages and home improvement loans.
 The Bank of New York said that it was pleased to have the opportunity to further its 200-year history of meeting the credit needs of the New York metropolitan area community, and it views this new program as a continuation of its ongoing commitment.
 The Bank of New York was founded in 1784 by Alexander Hamilton and is the nation's oldest bank operating under its original name. It is the principal subsidiary of The Bank of New York Company, Inc., which is the 15th largest commercial bank holding company in the United States, with total assets of $41.3 billion at June 30, 1992. The company provides a complete range of banking and other financial services to corporations and individuals worldwide through its five basic businesses: corporate banking, retail banking, securities processing, trust and investment management, and financial market services. The company's stock is traded on the New York Stock Exchange under the symbol BK.
 -0- 9/24/92
 /CONTACT: Michael M. Pascale, VP, 212-495-1041, Margaret W. Southerland, AVP, 212-495-1725, both of The Bank of New York/
 (BK) CO: Bank of New York Company, Inc. ST: New York IN: FIN SU:


CK -- NY045 -- 3109 09/24/92 12:40 EDT
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Publication:PR Newswire
Date:Sep 24, 1992
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