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NATIONAL CITY BANK AND FAIRFAX RENAISSANCE DEVELOPMENT CORP. TEAM UP TO IMPROVE THE HOUSING STOCK OF WARD 6

 NATIONAL CITY BANK AND FAIRFAX RENAISSANCE DEVELOPMENT CORP.
 TEAM UP TO IMPROVE THE HOUSING STOCK OF WARD 6
 National City Bank and Fairfax Renaissance Development Corporation (FRDC) have scheduled a news conference to discuss details of a joint effort to provide low interest home improvement loans to help approximately 150 qualified residents in Ward 6 perform exterior home repairs. The news conference will be held Oct. 23 at 10 a.m. at FRDC, 8106 Cedar Ave., Cleveland.
 As a result of a contribution made by the developers of the Church Square project, Councilman Kenneth C. Lumpkin has $200,000 funds available to address the housing needs of Ward 6 residents. According to Lumpkin, $100,000 has been earmarked to be used as grants in conjunction with home improvement loans for exterior home repairs by eligible Ward 6 residents.
 "A resident interested in obtaining a home improvement loan that will be subsidized by the fund will be referred to National City Bank to apply for its below market interest rate At Home Loan product," explained Gregory L. Brown, executive director, FRDC. "The grant will be used to reduce the total amount of the loan needed to complete the home repairs."
 National City Bank's At Home Loan product is a below market fixed interest rate home improvement loan available to qualified home owners and renters. The loan amount can range from $500 to $5,000, with terms ranging from 12 months to 60 months. To qualify for the At Home Loan, a potential borrower must have lived at the same address for at least three years and have an annual income that does not exceed $30,000.
 "This joint effort is exactly the type of project we love to get involved with," said William I. Cornett, Jr., senior vice president, National City Bank. "By working with Councilman Lumpkin and Fairfax Renaissance, we are combining energy and resources to create an affordable opportunity for Ward 6 residents to improve their homes and, ultimately, their neighborhood."
 "During my first year as councilman, it was established that if contractors construct or have large projects in the Ward, they would establish linkages with local development corporations or agencies to provide economic incentive and/or jobs," explained Lumpkin. "The Church Square project, at East 79th and Euclid, has established such a linkage with Fairfax Renaissance Development Corporation.
 "Through my efforts and that of Fairfax Renaissance and National City Bank, this project has been created to provide low interest loans for those residents in the Ward seeking funds to rehabilitate their homes. I support this endeavor and will continue to work with development corporations--both large and small--to create opportunities such as this for my constituency," added Lumpkin.
 According to Lumpkin, the remaining $100,000 will be used to address those residents who may not qualify for National City's At Home Loan based on their incomes or credit histories.
 This joint project is but the latest cooperative effort between National City and Fairfax area community groups. National City Community Development Corporation has served as equity partner in both Fairfax Place I and II housing projects, which have resulted in four new homes constructed in the Fairfax neighborhood. Plans for future housing development projects in the community are under discussion. Additionally, National City Bank is involved in the Church Square retail and office center project currently underway at East 79th Street and Euclid Avenue. A public-private partnership of the City, HUD-UDAG, seven banks and four civic/foundation funders assembled to produce the first phase of what will eventually be a $52 million project.
 FRDC is a newly created nonprofit corporation located in Ward 6 in the City of Cleveland. The goal of FRDC is the revitalization of Ward 6 and the Fairfax area through activities consistent with neighborhood improvement projects in the areas of housing and commercial development.
 A subsidiary of National City Corporation, National City Community Development Corporation has been involved in $73 million of neighborhood revitalization projects in the neighborhoods of Cleveland over the past 10 years.
 National City Bank is the lead bank of National City Corporation, a $29 billion diversified financial services company headquartered in Cleveland.
 CONTACT: Sharon A. Lamcha of National City Communications, 216-575-2316; or Gregory L. Brown, executive director of Fairfax Renaissance Development Corporation, 216-881-9800.
 -0- 10/22/92


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