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NEW VENTURE TO GIVE BEST TO AFFORDABLE HOUSING IN CENTRAL FLORIDA

 ORLANDO, Fla., Feb. 16 /PRNewswire/ -- A local banking consortium known as the Central Florida Community Reinvestment Corporation (CFCRC) officially begins operations today. CFCRC was created by Central Florida financial institutions including SunBank, Barnett Bank, First Union National Bank, NationsBank, Bank of Central Florida, United American Bank of Central Florida, National Bank of Commerce, Security National Bank, Commercial State Bank, Enterprise Bank, SouthTrust Bank, and Lochaven Federal Savings and Loan.
 These financial institutions have committed to provide a $50 million loan pool for CFCRC. The loans will be made available to both "for profit" and "not for profit" developers, provided a majority of the housing in each project is financially accessible to those earning 80 percent or less of the median income for that area.
 The loans may be attained for residential land acquisition and development, residential construction, multi-family construction, and multi-family permanent financing.
 In addition to making loan funds available, CFCRC provides technical assistance to developers on projects, and works with governmental agencies and jurisdictions to leverage public and private dollars for affordable housing.
 Judith F. Kovisars, Ph.D. is the executive director of CFCRC and has 18 years of experience in the field of affordable housing in California and Texas.
 -0- 2/16/93
 /NOTE TO EDITOR: A press conference is scheduled for 4 p.m., Feb. 16, in the Orange Room, 3rd Floor of the Park Building, 200 S. Orange Ave., Orlando. Judith Kovisars and members of the CFCRC board will be available to answer questions. Members of the press are also invited to the reception immediately following, celebrating the official opening of CFCRC. Invited guests include Ron Zimmerman, EVP of the Federal Reserve Board, the chairmen and presidents of the major Central Florida banks, the mayor and council members of Orlando, county commissioners for Orange, Seminole, Brevard, Osceola and Lake counties, area city mayors, and many others.
 CONTACT: Louis Lovestrand of the Central Florida Community Reinvestment Corporation, 407-872-3000; or John J. McGuire of SunBanks, Inc., 407-237-5109/


CO: Central Florida Community Reinvestment Corporation; SunBanks, Inc. ST: Florida IN: FIN SU: JVN

JB-AW -- FL006 -- 6818 02/16/93 10:46 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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