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BANKERS TRUST LEADS PROGRAM TO INCREASE HOME OWNERSHIP

 NEW YORK, June 16 /PRNewswire/ -- A consortium of money center and foreign banks, led by Bankers Trust Company (NYSE: BT), has committed $500,000 to Neighborhood Housing Services (NHS) to increase home ownership opportunities in New York City.
 The program known as CASH, Closing Assistance Support for Homebuyers, will enable credit worthy borrowers to access small loans to cover the closing costs associated with purchasing a home. CASH will be announced formally at the annual meeting of NHS this evening, at which Mayor David N. Dinkins will be guest speaker.
 "A loan of $5,000 for legal and recording fees can make the difference in whether someone becomes a homeowner," said Fran Justa, executive director of NHS, which will administer the program as part of its ongoing effort to foster neighborhood revitalization. CASH will work in tandem with the conventional and special mortgage products of banks that opt to participate in the program.
 In addition to Bankers Trust, the lending group supporting CASH is comprised of Banco Popular de Puerto Rico, Bank of Tokyo, Chase Manhattan Bank and Chemical Bank. "Our banks share a commitment to enabling low income families realize the dream of home ownership," said Gary Hattem, head of the community development group of Bankers Trust, which designed and is agent for the program.
 CASH complements the efforts of the New York Mortgage Coalition, which represents 12 retail mortgage lenders that have joined forces to fund mortgage counseling programs for low and moderate income people. "CASH will be a terrific resource for graduates of counseling programs who have the income and credit history to support a mortgage but are short of the cash needed to close a mortgage loan," said Phyllis Rosenblum of Republic Bank, chair of the New York Mortgage Coalition.
 -0- 6/16/93
 /CONTACT: Gary Hattem of Bankers Trust, 212-454-3487; or Fran Justa of Neighborhood Housing Services, 212-645-6363/
 (BT)


CO: Bankers Trust Company; Neighborhood Housing Services ST: New York IN: FIN SU:

WB-LR -- NY058 -- 2724 06/16/93 15:49 EDT
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Publication:PR Newswire
Date:Jun 16, 1993
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