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BANK OF AMERICA TO MAKE RECORD INVESTMENT IN AFFORDABLE HOUSING; MILLIONS FOR EQUITY IN CALIFORNIA/WESTERN REGION

 BANK OF AMERICA TO MAKE RECORD INVESTMENT IN AFFORDABLE HOUSING;
 MILLIONS FOR EQUITY IN CALIFORNIA/WESTERN REGION
 Press Conference Thursday, Dec. 12, 11 a.m. (PT),
 Bank of America, 555 California St., 21st Floor, San Francisco
 Setting a new milestone for the banking industry's involvement in affordable housing, the California-based Bank of America and the Local Initiatives Support Corp. (LISC) will announce on Thursday, Dec. 12, that Bank of America has made an unprecedented multimillion-dollar commitment to LISC for the production of rental housing for low income families in California and six other states in the West.
 Bank of America's investment will be made through the California and National Equity Funds, which are two of three equity funds operated by LISC, the nation's largest non-profit community development support corporation. Through its equity funds, LISC is able to use the provisions of the Low Income Housing Tax Credit to raise corporate dollars, which in turn are used as equity investment in affordable rental housing produced by non-profit community development corporations (CDCs).
 "Bank of America's investment is of great importance to California and to the nation," stresses Doug Guthrie, president of LISC's National Equity Fund. "The investment will yield much-needed housing for low- income Californians. Its magnitude will signal to the national banking industry that investing in low income housing is fiscally as well as socially responsible."
 The funding announcement will be made Thursday, Dec. 12, 11:00 a.m., at Bank of America's corporate headquarters in San Francisco. Attending will be Bank of America's Don Mullane, vice president for corporate and community development; Doug Guthrie, president of LISC's National Equity Fund; Anita Landecker, LISC vice president; and Congresswoman Nancy Pelosi (D-Calif.)
 Since 1987, LISC's three equity funds have raised a total of $269 million to create more than 8,400 rental apartments throughout the nation. Bank of America's investments will be targeted at Arizona, California, Idaho, Nevada, New Mexico, Oregon and Washington.
 CONTACT: Marilyn Katz, 312-944-5706, or in San Francisco, 415-397-7322; Russ Yarrow, 415-953-1411; or Susan Anderson, 213-624-2995, all for the National Equity Fund.
 -0- 12/11/91 R


CO: Bank of America; Local Initiatives Support Corp. ST: California IN: FIN SU:

GK -- NY035R -- 1461 12/11/91 12:17 EST
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Publication:PR Newswire
Date:Dec 11, 1991
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