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FIRST LOAN COMPLETED ON SINGLE FAMILY REHABILITATION PILOT PROGRAM

 DETROIT, Aug. 5 /PRNewswire/ -- The Michigan State Housing Development Authority (MSHDA) today announced that its Single Family Acquisition and Rehabilitation Pilot Program made its first loan through Comerica Mortgage Corporation. The house purchased under the program is located in Jackson.
 "We are proud to be the first bank to provide financing under this innovative housing rehabilitation program," said Peter Kehoe, senior vice president, Comerica Mortgage Corporation. "We believe this is another valuable tool for individuals interested in helping to revitalize their neighborhoods."
 Al Dewey, director of homebuyer programs for MSHDA, said he was pleased with the response to the Single Family Rehabilitation Program. Applications currently are pending in Jackson, Bay City and Lansing.
 The Single Family Acquisition and Rehabilitation Program provides low interest rate mortgage loans to eligible homebuyers for acquiring and rehabilitating single family homes. The program was developed by MSHDA to address the need for affordable housing in Michigan's urban communities.
 COMMUNITIES MEETING MSHDA'S ELIGIBLE DISTRESSED AREA CRITERIA
 Albion
 Bangor
 Bay City
 Benton Harbor
 Bronson
 Cheyboygan
 Detroit
 Dowagiac
 Ecorse
 Escanaba
 Flint
 Gaastra
 Gladstone
 Grand Rapids
 Hamtramck
 Hartford
 Hastings
 Hazel Park
 Highland Park
 Inkster
 Iron River
 Ironwood
 Jackson
 Kalamazoo
 Lansing
 Manistique
 Monroe
 Mt. Clemens
 Mt. Morris
 Muskegon
 Muskegon Heights
 Olivet
 Onaway
 Otsego
 Owosso
 Pontiac
 Port Huron
 River Rouge
 Rogers City
 Saginaw
 Sault Ste. Marie
 Vassar
 Watervliet
 Ypsilanti
 Albion Township
 Buena Vista Township
 Columbia Township
 Emerson Township
 Genesee Township
 La Grange Township
 McMillan Township
 Mt. Morris Township
 Mueller Township
 Royal Oak Township
 Seney Township
 Sherman Township
 Sodus Township
 -0- 8/5/93
 /CONTACT: Kathy Fagan of MSHDA Governmental and Public Relations, 517-335-2006; or Kathy Pitton of Comerica Corporate Communications, 313-222-4916/
 (CMA)


CO: Comerica Mortgage Corporation;
 Michigan State Housing Development Authority ST: Michigan IN: FIN SU:


ML -- DE014 -- 9784 08/05/93 10:15 EDT
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Publication:PR Newswire
Date:Aug 5, 1993
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