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FIRST BANK PROVIDES $2.5 MILLION REVOLVING LINE OF CREDIT FOR GMMHC TO BUILD OR REHAB HOUSES IN MINNEAPOLIS FOR LOW-TO-MODERATE INCOME FAMILIES

 MINNEAPOLIS, March 4 /PRNewswire/ -- First Bank System, Inc. (NYSE: FBS) and The Greater Minneapolis Metropolitan Housing Corporation (GMMHC) today announced that the Civic Banking Division of First Bank N.A., FBS' lead bank, will provide a $2.5 million revolving line of credit to construct and rehabilitate 57 houses in north and south Minneapolis. The houses will be sold to low and moderate income families. FBS Mortgage, First Bank System's mortgage lending subsidiary, will help borrowers purchase the homes.
 Carolyn Olson, president of GMMHC said, "Our revolving line of credit at First Bank will enable GMMHC to increase the number of single family homes we can renovate and/or construct in our Minneapolis neighborhoods, providing home ownership opportunities for low to moderate income families. These housing units also promote neighborhood revitalization and stabilization efforts, as well as create new job opportunities for our community."
 "We're honored to be a leader in providing creative financing for GMMHC," said William F. Farley, FBS vice chairman and a GMMHC board member. "This program will enable GMMHC to continue to make home ownership a reality for many low and moderate income families. Home ownership in our neighborhoods creates better cities and a better environment for business. We have branch banks that serve the areas where these homes will be located so it is in our best interests as well to have these neighborhoods thrive."
 GMMHC, in conjunction with the Minneapolis Community Development Agency (MCDA), will rehab 35 single family homes in north and south Minneapolis as part of the HUD Hope III Program. In addition, GMMHC will construct:
 -- Five new single family home and two duplexes in the Hawthorne neighborhood surrounding Farview Park in north Minneapolis;
 -- Seven single family homes along the Hiawatha corridor (Hwy. 55);
 -- Three single family homes in the Victory neighborhood of north Minneapolis and;
 -- Three single family homes in northeast Minneapolis.
 Founded in 1970, GMMHC has renovated or constructed 669 homes in the inner city of Minneapolis in conjunction with the MCDA. GMMHC also provides zero percent redevelopment loans to nonprofit corporations to develop low and moderate income housing. Approximately 132 nonprofit housing and community development corporations have been assisted since 1970 in the development of 187 housing projects. Since 1971, GMMHC has assisted in the development of 11,593 low-to-moderate income housing units.
 First Bank System is a regional bank holding company headquartered in Minneapolis with assets of $23.5 billion. The company provides complete financial services to individuals and institutions through 21 banks and other financial services companies with 218 offices primarily in Minnesota, Colorado, Montana, North Dakota, South Dakota and Wisconsin.
 -0- 3/4/93
 /CONTACT: Carolyn Olson of the GMMHC, 612-339-8703; or Wendy Raway of First Bank System, 612-973-2429/
 (FBS)


CO: First Bank System, Inc.; Greater Minneapolis Metropolitan Housing
 Corporation ST: Minnesota IN: FIN SU:


AL -- MN016 -- 3158 03/04/93 16:35 EST
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Publication:PR Newswire
Date:Mar 4, 1993
Words:478
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