LOW-INCOME HOUSING IN NORTH BELLPORT, L.I., BENEFITS FROM UNIQUE PHILANTHROPIC PROGRAM
LOW-INCOME HOUSING IN NORTH BELLPORT, L.I., BENEFITS
FROM UNIQUE PHILANTHROPIC PROGRAM
NORTH BELLPORT, N.Y., March 4 /PRNewswire/ -- Survey work will begin today for the construction of 12 single-family homes in North Bellport, L.I. The survey work for the homes, which will serve low-income buyers, is being funded by a unique philanthropic program.
The Long Island Housing Partnership (LIHP), an affordable housing organization that acts as a not-for-profit developer and force for neighborhood revitalization, will receive funding for the survey work from Muriel Siebert & Co., Inc., a New York City securities brokerage and underwriting firm. The proceeds have been generated by the Siebert Entrepreneurial Philanthropic Plan (SEPP) from the sale of Resolution Trust Company (RTC) bonds. SEPP is an innovative charitable program developed by Muriel Siebert, one of the best known women on Wall Street and a former New York State commissioner of banks.
Fidelity New York, the Garden City-based bank, purchased the RTC bonds from Siebert & Co. and designated LIHP as the recipient of the charitable donations. The bank may receive credit under the Community Reinvestment Act for generating money for low-income housing.
Muriel Siebert, under SEPP, a program launched just over one year ago, donates half of her profits from new issue security underwritings to charities -- amounting to over $310,000 in 1991. Siebert, the firm's owner, developed the SEPP program to share profits from underwriting opportunities her firm receives as a Woman's Business Enterprise (WBE).
"Muriel Siebert's SEPP program allows us to serve our community at the same time we are conducting vital bank business," said Frederick J. Meyer, E.V.P. of Fidelity New York. Six-thousand dollars will be donated to LIHP under the SEPP program. The 12 homes are scheduled for completion within the year.
"Ms. Siebert presented Fidelity New York with a unique opportunity to give back to its community," said Jim Morgo, president of LIHP. "And the people of North Bellport and Long Island are the beneficiaries."
"I have always felt that with success comes obligation. That is why I formalized my feeling into a program," said Siebert, president of her own firm and originator of SEPP. "Fidelity New York feels good, I feel good and the people of North Bellport benefit. SEPP proves you can do well by doing good."
/NOTE TO EDITORS: Photos of the project site with principals involved will be available March 6. Call Jay Sears, 212-887-8014./
/CONTACT: Ed Orgon or Jay Sears of Creamer Dickson Basford, 212-887-8014/ CO: Muriel Siebert & Co., Inc. ST: New York IN: FIN SU: PS -- NY005 -- 4780 03/04/92 08:00 EST