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NCHP PURCHASES APARTMENTS FROM THE RESOLUTION TRUST CORPORATION

 NCHP PURCHASES APARTMENTS FROM THE RESOLUTION TRUST CORPORATION
 Washington, Jan. 30 /PRNewswire/ -- National Corporation for Housing Partnerships today announced the acquisition of 13 apartment properties from the Resolution Trust Corporation under RTC's Affordable Housing Disposition Program. More than 892 of the 2,549 apartment units acquired will be preserved for long-term rental at affordable rates under agreements with the RTC. The 13 properties are located throughout Texas in Houston, Fort Worth, Abilene, San Antonio, Baytown, College Station and Stephenville. A fourteenth property will be added to the group in approximately eight weeks.
 NCHP is acquiring the properties in partnership with NationsBank Community Development Corporation, an affiliate of NationsBank Corp. (NYSE: NB), which has invested in the owning partnership, Texas Affordable Housing Investment Fund I, funds to acquire the properties and rehabilitate them. In addition, NationsBank Corp., which is a bank holding company with $110 billion in assets and approximately 1,900 banking offices in nine states and the District of Columbia, will provide first mortgage financing to the venture.
 The Hamilton Securities Group advised NCHP in financial structuring of the transaction.
 NCHP's chairman and chief executive officer, J. Roderick Heller, III, said "NCHP is proud that its partnership with NationsBank Community Development Corporation will make a real contribution to the long-term affordability of rental housing in Texas."
 Linda G. Davenport, executive vice president of NCHP, noted that "NCHP and NationsBank are demonstrating that economically sound investments can meet important social goals."
 "This partnership with NCHP is a natural next step for NationsBank CDC. NCHP's management expertise, coupled with the financial muscle of NationsBank, is a private sector solution to expanding the supply of affordable housing nationwide," said Catherine P. Bessant, senior vice president and principal community investment officer for NationsBank Corp.
 "At the same time," said James Dennis Rash, senior vice president and president of NationsBank CDC, "the rehab of these properties will restore vitality to the neighborhoods and stabilize the real estate markets."
 NCHP is a congressionally mandated organization which has been operating since 1971. NCHP's mission is to expand private ownership of rental housing for low and moderate income families. The company hopes to make future large-scale acquisitions from RTC under the Affordable Housing Program.
 NCHP is the largest owner of low and moderate income rental housing in the country. NCHP and NHP, Inc., its parent company, as well as other affiliates, control more than 88,000 apartment units in 39 states, the District of Columbia and Puerto Rico. The properties will be managed by NHP Property Management, Inc., through its Dallas office.
 The RTC's Affordable Housing Disposition Program requires that 35 percent of all units acquired be rented to low and very low income families at affordable rents. The restrictions apply for at least 40 years.
 -0- 1/30/92
 EDITOR'S NOTE: NCHP is located at 1225 Eye St., N.W., Washington, D.C., 20005.
 /CONTACT: Linda G. Davenport, NCHP, 202-326-8200, or Virginia S. Mackin, NationsBank, 704-386-5501/
 (NB) C0: NCHP; NationsBank Corporation ST: North Carolina, Georgia, Texas IN: FIN SU:


CM -- CH004 -- 5153 01/30/92 10:31 EST
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Publication:PR Newswire
Date:Jan 30, 1992
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