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NATIONSBANK FINANCES 240 NEW HOMES FOR FLORIDA CITY RESIDENTS

 FLORIDA CITY, Fla., Aug. 23 /PRNewswire/ -- NationsBank (NYSE: NB) will finance 240 new homes for residents of Florida City, one of the areas hardest hit by Hurricane Andrew a year ago.
 The bank is the exclusive financial institution working with Florida City and the Southwin Development Corporation to get the new homes built and occupied.
 "NationsBank has committed to provide mortgage financing for 100 percent of the project in the Village of Palm Bay development," said Adolfo Henriques, senior banking executive for NationsBank in Dade County.
 "All NationsBank mortgage products will be available to potential homeowners, and NationsBank will work with each qualified applicant on a package which will best suit his or her needs," Henriques said. "When the neighborhood is completed, NationsBank expects the aggregate amount of mortgages to exceed $10 million."
 The $10 million will be a part of the NationsBank commitment to community investment lending. NationsBank is on track to exceed its $10 billion, 10-year lending pledge launched two years ago.
 "Last year when the hurricane hit, NationsBank committed to do whatever it takes for as long as it takes," Henriques said. "We have the power to make a difference in the lives of the people of Florida City. And we intend to do everything we can to help the residents here rebuild their homes and their lives."
 "There is not another area in South Florida where a builder is coming in and actually building new homes where the old ones have been destroyed," said Jack Leonard, of Southwin.
 "And NationsBank will provide the folks here in Florida City the financing needed to make it happen."
 More than 25 NationsBank associates will be on site at the Village of Palm Bay Tuesday, August 24, assisting individuals with mortgage information.
 Members of the NationsBanc Mortgage Corporation will be on site the next several months and remain until the project is complete. NationsBank will provide homebuyer education seminars in conjunction with its mortgage products and will host the free seminars throughout the neighborhood.
 NationsBank is one of the largest Florida banks and is the fifth- largest bank in the United States with $124 billion in assets in nine states and the District of Columbia.
 -0- 8/23/93
 /CONTACT: Sheryl McAlister, NationsBank Corporation, 704-386-3150/
 (NB)


CO: NationsBank Corporation ST: Florida IN: FIN SU:

MM -- CH005 -- 5104 08/23/93 14:24 EDT
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Publication:PR Newswire
Date:Aug 23, 1993
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