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LOAN FUND AND AREA BANKS CREATE $7 MILLION POOL FOR HOUSING

 NEW HAVEN, Conn., May 3 /PRNewswire/ -- The Greater New Haven Community Loan Fund, in partnership with 10 area banks, today announced the creation of the Affordable Housing Bank Pool, a new financial resource that will earmark $7 million in loans for private and nonprofit builders and renovators of low-cost housing in the Greater New Haven region. The Bank Pool funds will complement the Loan Fund's Community Pool which will produce almost 350 units of affordable housing in the Greater New Haven area.
 Speakers at today's announcement included Judith Dozier Hackman, president of the board of directors of the Greater New Haven Community Loan Fund and dean of administrative affairs, Yale College; Geoffrey G. Gregory, senior vice president, Union Trust Company and Loan Fund board member; Martin F. Crean, Loan Fund board member and vice president, Shawmut Bank Connecticut; and Richard Bell, chair of the New Haven Foundation Board of Directors.
 In acknowledging the formation of the Bank Pool, the Loan Fund's Hackman said, "This private enterprise/nonprofit partnership reflects many months of hard work which we believe will pay off in great benefits for the community."
 Speaking on behalf of the Bank Pool, Gregory stated, "A vibrant business environment depends on the quality of life in the communities we serve. We wholeheartedly support the work of the Loan Fund and our partnership is a positive and effective way to make a real difference."
 The Greater New Haven Community Loan Fund will administer the Bank Pool whose participants include Bank of Boston Connecticut, The Bank of New Haven, Centerbank, Fleet Bank, N.A., Founders Bank, Lafayette American Bank, New Haven Savings Bank, People's Bank, Shawmut Bank Connecticut, N.A. and Union Trust Company.
 Administration of the Bank Pool substantially increases the capacity of the Community Loan Fund to promote affordable housing. Richard Bell, chair of the New Haven Foundation Board of Directors announced that, in support of this increased capacity, the Foundation will provide a $35,000 grant for the administrative costs of the Bank Pool.
 $20,000.00 of this grant is in matching funds complementing the banks' commitment to support the administrative costs of the Bank Pool and stimulating other financial institutions to join the Bank Pool.
 Shawmut Bank Connecticut, as lead lender, will coordinate loan administration and accounting activities with the Loan Fund and will serve as the link between the other banks in the loan pool and the Loan Fund. Shawmut Vice President and Loan Fund Board member Martin Crean stated, "Shawmut Bank is pleased to serve as the "lead lender" on behalf of the ten participating banks and in partnership with the Loan Fund. In the spirit of our shared commitment to the community, we intend to provide good service to both parties in support of sound loans that will increase the supply of affordable housing in the New Haven region."
 The Bank Pool will lend funds to private and nonprofit developers to fund land purchases, refinancing and predevelopment of multifamily rental projects, residential hotels, special needs and supportive housing and other opportunities for home ownership in the communities served by the banks and the Loan Fund.
 The Greater New Haven Community Loan Fund, established in 1988 by the Downtown Cooperative Ministry, is a private, nonprofit organization that provides low-interest loans to developers of low and moderate income housing. In addition, the Loan Fund provides an opportunity for individuals, religious institutions and other organizations to make socially responsible investments in their own communities.
 The New Haven Foundation, the Community Foundation for Greater New Haven, is a local resource for donors, volunteers and nonprofit organizations working to improve their communities. In its 65 year history, hundreds of individuals from throughout the region have made gifts and bequests to the Foundation and built up assets of $112 million. The annual income of over $4.9 million last year is used to convene leadership around critical issues, increase nonprofit effectiveness through technical assistance, and support a broad range of nonprofit activities.
 -0- 5/3/93
 /CONTACT: Fran Billingsley of GNHCLF, 203-789-8690; or Brent S. DiGiorgio of Shawmut, 203-240-7632/
 (SNL)


CO: Shawmut National Corporation ST: Connecticut IN: FIN SU:

DD -- NE017 -- 3882 05/03/93 14:43 EDT
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Publication:PR Newswire
Date:May 3, 1993
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