Printer Friendly

FINANCE BOARD ANNOUNCES CIP LENDING UP 35 PERCENT IN 1992; PROGRAM EXCEEDS $2.7 BILLION AS SOUTH SHORE BANK APPROVED FOR MEMBERSHIP

 WASHINGTON, Feb. 24 /PRNewswire/ -- The Federal Housing Finance Board announced at its February meeting that Community Investment Program (CIP) lending by the Federal Home Loan Bank System in 1992 exceeded 1991 lending by 35 percent or $332 million. The record 1992 program activity boosted total program-to-date lending (1990, 1991 and 1992) to over $2.7 billion.
 The 1992 CIP loans (or advances) of $1.280 billion from the 12 Federal Home Loan Banks to System members will finance 32,710 units of housing, of which 80 percent will be ownership units and 20 percent will be rental units. Thirty-eight CIP advances totalling $20.3 million were made for community and economic development purposes.
 "With the recent focus on community development, one need look no further than the Community Investment Program to find a model that works," said Finance Board Chairman Daniel F. Evans Jr. "Last year the Bank System did an exceptional job of promoting this program and making low-interest loans for many worthwhile projects."
 Since 1990, the FHLBanks have made approximately $2.73 billion of CIP advances, which have financed over 78,000 housing units with a development cost of over $4 billion.
 The Community Investment Program provides low-cost loans through Bank System members for community-oriented mortgage lending such as:
 -- Financing the purchase or rehabilitation of owner-occupied or
 rental housing for families whose income does not exceed
 115 percent of an area's median income;
 -- Financing commercial or economic development activities that
 benefit low- and moderate-income families or activities
 located in low- and moderate-income neighborhoods;
 -- Combining housing and commercial or economic development
 activities.
 The Finance Board also announced that South Shore Bank of Chicago has been approved for membership in the Federal Home Loan Bank of Chicago. "We are pleased to welcome South Shore Bank, a community development bank, as a member of the Federal Home Loan Bank System," Chairman Evans said. "South Shore will join thousands of other savings institutions and community banks which have found that Bank System membership provides important tools that support mortgage finance, balance sheet management and affordable housing and community development."
 -0- 2/24/93
 /NOTE: A list of selected activities financed by CIP in 1992 is available./
 /CONTACT: Chuck Chamness of the Federal Housing Finance Board, 202-408-2986/


CO: Federal Housing Finance Board; South Shore Bank ST: District of Columbia, Illinois IN: FIN SU:

MH -- DC017 -- 9997 02/24/93 14:51 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 24, 1993
Words:399
Previous Article:USAIR AND CITY OF PHILADELPHIA REACH TENTATIVE AGREEMENT ON AIRPORT TERMINAL RENOVATION AND RUNWAY EXPANSION
Next Article:GENERAL MOTORS REPORTS SALES
Topics:


Related Articles
FEDERAL HOME LOAN BANK OF PITTSBURGH HOSTS ANNUAL MEETING, ANNOUNCES FIRST QUARTER RESULTS
FEDERAL HOME LOAN BANK SYSTEM COMMUNITY INVESTMENT PROGRAM ALREADY SURPASSES 1992 YEAR GOAL
UNITED CAROLINA BANK IS 1,000th COMMERCIAL BANK APPROVED FOR MEMBERSHIP IN FEDERAL HOME LOAN BANK SYSTEM
MILESTONE REACHED: FEDERAL HOUSING FINANCE BOARD APPROVES 1,000TH COMMERCIAL BANK MEMBER OF FEDERAL HOME LOAN BANK SYSTEM
FEDERAL HOUSING FINANCE BOARD ANNOUNCES ESTABLISHMENT OF DISASTER RELIEF PROGRAMS FOR HURRICANE ANDREW VICTIMS
FEDERAL HOME LOAN BANK OF SEATTLE REPORTS RECORD EARNINGS IN 1992
FEDERAL HOME LOAN BANK OF SEATTLE REPORTS FIRST-QUARTER RESULTS
FEDERAL HOME LOAN BANK OF PITTSBURGH'S 1993 FINANCIAL RESULTS HIGHLIGHT NET INCOME AND LOAN GROWTH
FEDERAL HOME LOAN BANK ACHIEVES RECORD LENDING
CINCINNATI HOME LOAN BANK MEMBERSHIP DOUBLES AS SHORE BANK BECOMES 700TH TO JOIN

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters