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MELLON PSFS INVESTS $3 MILLION TO REBUILD PHILADELPHIA NEIGHBORHOODS; NONPROFIT COMMUNITY DEVELOPMENT ADVANCES WITH CORPORATE SUPPORT

 MELLON PSFS INVESTS $3 MILLION TO REBUILD PHILADELPHIA NEIGHBORHOODS;
 NONPROFIT COMMUNITY DEVELOPMENT ADVANCES WITH CORPORATE SUPPORT
 PHILADELPHIA, Oct. 23 /PRNewswire/ -- In a major commitment to Philadelphia's inner city renewal, Mellon PSFS this morning announced its $3 million investment -- the largest local investment to date -- in LISC's (Local Initiatives Support Corporation) National Equity Fund.
 NEF will channel Mellon's investment into the creation of affordable housing in low-income areas throughout the city. NEF uses provisions of the federal Low Income Housing Tax Credit to garner corporate investment from companies like Mellon for use as equity in low income housing developed and owned by non-profit community based organizations.
 Mayor Edward Rendell commended Mellon for its commitment to rebuilding Philadelphia at today's announcement, "Mellon's commitment to Philadelphia signals an important acceleration of support to local people active in the rebuilding of neighborhoods like Germantown and Diamond Street. Mellon's investment gives a significant boost to these local development efforts. While the city has supported NEF's housing production with $6 million in community development block grant funding, we need our private sector partners and applaud today's investment."
 "Mellon PSFS seeks to address the compelling issue of affordable housing and other community needs through our Neighborhood Banking Program," said Thomas F. Donovan, chairman and chief executive officer of Mellon PSFS. "As a key part of that program, this investment allows us to support the important initiatives of NEF, which has a proven track record of neighborhood investment, while underscoring our commitment to the communities we serve."
 Working in partnership with non-profit community groups, the city, the state and private Philadelphia lenders, NEF has provided $25 million in equity financing since 1989 to 10 Philadelphia affordable apartment developments, resulting in the creation of 330 rental units for the city's low income individuals and families.
 Among the Philadelphia non-profit community development groups who will receive funding from the Mellon investment are the Advocate Community Development Corp., the Greater Germantown Housing Development Corp., Allegheny West Foundation and Norris Square Civic Association.
 "We thank Mellon for its investment in NEF's 1992 Fund and for its strength and commitment to Philadelphia's outstanding community development movement," said Paul S. Grogan, president of LISC. "The impact of public-private partnerships, like this one involving Mellon, is clearly evident today. It is ironic, however, that at a time when corporate commitment to America's distressed neighborhoods is at its highest, the future of the Low Income Housing Tax Credit, part of the Tax/Urban Aid Bill, is tenuous. Loss of the tax credit would dry up future corporate investment, stymie the good work of local non-profit developers and shut off the pipeline of developments in the coming years."
 Nationally, NEF has raised nearly $600 million from 90 corporations across the nation since 1987. This investment by the private sector in housing developed by non-profit community groups has produced more than 14,000 units of affordable housing valued at nearly $1 billion.
 The National Equity Fund operates in 38 cities across America including: Chicago, Washington, Miami, Indianapolis, Boston, Detroit, St. Paul and Minneapolis, Kansas City, Omaha, Neb., Newark, New York City, Philadelphia, Houston, Richmond, Va., and Seattle.
 Philadelphia LISC is one of a network of 30 LISC program areas operating throughout the nation, and has provided nearly $3 million to non-profit community development groups for pre-development loans, guarantees and grants.
 Mellon PSFS is part of Mellon Bank, N.A., the largest bank in Pennsylvania. With assets of approximately $30 billion, Mellon Bank Corporation is a major superregional bank holding company. Through its subsidiaries, it provides wholesale, middle market and retail banking as well as numerous service products including trust and investment, cash management and financial data processing.
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 /CONTACT: Lamar Wilson of LISC, 215-923-3801, or Marilyn Katz of MK Communications, 312-944-5706, for NEF, or Laura O'Schea of LISC, 215-455-9849, or Jim Dever of Mellon PSFS, 215-553-4684/ CO: Mellon PSFS; Local Initiatives Support Coalition ST: Pennsylvania IN: SU:


MJ-MP -- PH016 -- 4110 10/23/92 11:28 EDT
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Date:Oct 23, 1992
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