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SAN FRANCISCO FEDERAL RESERVE RELEASES SOUTH CENTRAL STUDY

 LOS ANGELES, Jan. 15 /PRNewswire/ -- The Federal Reserve Bank of San Francisco at a breakfast reception today marked completion of its needs assessment of South Central Los Angeles, undertaken in that area shortly after the April 1992 civil unrest. Approximately 125 representatives from financial institutions and community development groups attended the gathering to share information on Los Angeles-based, community reinvestment initiatives.
 Entitled "South Central Los Angeles: Community Investment Opportunities," the Fed's report provides a demographic overview of the area and describes 76 non-profit community development organizations, and city, state and federal agency programs in which financial institutions can participate to fulfill Community Reinvestment Act (CRA) requirements. The primary purpose of the profile is to stimulate involvement of financial institutions in such programs and to encourage utilization of public and private partnerships which involve efforts of financial institutions, city, state and federal agencies, and local community organizations. The Fed said the study is not an evaluation of CRA performance of area financial institutions, but rather is meant to illustrate ways in which financial institutions can assist in meeting community investment and development needs.
 Twelfth Federal Reserve District President Robert T. Parry said the Fed believes lenders working together with non-profit organizations, government agencies and others is a way to share costs and mitigate perceived risks which are often associated with lending in distressed communities. "We believe it is the formation of partnerships which can help us respond, collectively and affirmatively, to the critical need for credit and capital in South Central Los Angeles and neighboring communities."
 Speaking from the city's perspective, Los Angeles Mayor Tom Bradley commented on the city's role in community development. "The city has doubled its commitment to housing in the last three years and dramatically increased its commitment to community-based, non- profit housing developers," he said.
 Rebuild Los Angeles (RLA) Co-chairman Barry Sanders told the group of RLA's mission and initiatives.
 Also speaking was William Hanna, president of Bank Audi California, who commented on the recently formed, multibank community development corporation, Southern California Business Development Corp. (SCBDC). SCBDC announced formation of its $10 million loan pool in October 1992. SCBDC's charter directs it to not only provide loans to Los Angeles' South Central region but also to invest in that area's small businesses.
 Union Bank Senior Vice President Robert McNeely described the process that lead to formation of the Community Financial Resource Center, which is due to open at the end of January 1993, at 4060 S. Figueroa in South Central. McNeely recounted that planning for the resource center began in December 1990, with a city council mandate, and has culminated in actual implementation of a public and private partnership which will provide residents and businesses in South Central with a wide range of informational, educational and financial services.
 -0- 1/15/93
 /CONTACT: Sandra Conlan or Kelly Walsh of The Federal Reserve Bank of San Francisco, Los Angeles Branch, 213-683-2902/


CO: The Federal Bank of San Francisco ST: California IN: FIN SU:

JL-MS -- LA019 -- 5430 01/15/93 14:41 EST
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Date:Jan 15, 1993
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