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SHAWMUT BANK SUPPORTS NEIGHBORWORKS CAMPAIGN FOR HOME OWNERSHIP; BANK DONATES $100,000 TO NATIONAL AFFORDABLE HOUSING EFFORT

 SAN FRANCISCO, Nov. 15 /PRNewswire/ -- Neighborhood Reinvestment Corporation today announced that Shawmut Bank has contributed $100,000 to the NeighborWorks Campaign for Homeownership -- a national effort to increase affordable housing and access to credit for low-income people. Shawmut joins several national and regional sponsors of this effort which will create 10,000 homeowners and generate over $650 million in investment in lower income communities throughout the country.
 Ken Wade, district director of the New England region for Neighborhood Reinvestment Corporation which oversees the NeighborWorks Network, said: "We are grateful to Shawmut Bank for its support of affordable housing. Home ownership gives families a stake in their communities and a sense of pride and self-worth. The NeighborWorks Campaign will accelerate home ownership rates in targeted communities across New England, stimulating reinvestment and making a big difference for many families."
 The NeighborWorks Network has 177 member organizations. Over the last 15 years NeighborWorks organizations have increased the supply of safe, affordable housing by nearly 120,000 units. Created by Congress in 1978, Neighborhood Reinvestment provides technical assistance and funding to local organizations throughout the NeighborWorks Network.
 Shawmut Bank is a $27 billion regional banking company with 300 offices in Massachusetts, Connecticut and Rhode Island. Shawmut will soon be opening operations in New Hampshire. The bank has duel headquarters in Boston and Hartford.
 Today at the launch of Phase II of the NeighborWorks Campaign For Homeownership an additional 34 NeighborWorks organizations across the country committed resources and expertise to the campaign at a news conference here during the Neighborhood Reinvestment Training Institute. These Phase II cities now join 20 NeighborWorks organizations that launched the campaign five months ago in aggressively pursuing the goal of finding and financing homes for 10,000 lower-income people within the next five years.
 Home-ownership production in the first six months of the campaign already has exceeded goals set for the entire year, with $20 million invested.
 Shawmut is currently supporting several NeighborWorks organizations in New England through a special program with the New England Patriots football team and WBZ radio, "Making Points for Homes." Shawmut Bank donates $100 for every point made by the Patriots in the NFL season.
 There are 25 NeighborWorks organizations in the New England region involved in the NeighborWorks network. Seven are currently involved in the leadership phase of this campaign.
 In Connecticut -- Waterbury Neighborhood Housing Services (NHS),
 203-753-1896
 -- New Haven NHS, 203-562-0598
 In Massachusetts -- Haverhill Neighborhoods Inc., 508-374-9030
 -- Springfield NHS, 413-739-4737
 In New Hampshire -- Manchester NHS, 603-626-4663
 In Rhode Island -- East Providence NHS, 401-438-1044
 In Vermont -- Rutland West NHS, 802-438-2303
 Eventually, the majority of NeighborWorks organizations will participate in the campaign.
 National sponsors in the NeighborWorks Campaign are the Federal Home Loan Mortgage Corp. (Freddie Mac); Allstate Insurance; State Farm Insurance; and World Savings and Loan. Regional sponsors are GE Capital Mortgage Insurance Corp.; Chemical Banking Corp.; Citibank; Chase Community Development Corp.; KeyCorp; NationsBank and now Shawmut. The Fannie Mae Foundation, of the Federal National Mortgage Association (Fannie Mae), was an initial campaign sponsor.
 -0- 11/15/93
 /NOTE TO EDITORS: For more information on Shawmut Bank, contact Bob Guenther, director of external operations, Shawmut Bank, 203-240-1267./
 /CONTACT: Julia Galdo, director of communications, Neighborhood Reinvestment Corporation, 415-873-0431 (San Francisco, Nov. 15-17), or 202-376-3734 (Washington)/
 (SNC)


CO: Neighborhood Reinvestment Corporation; Shawmut Bank ST: California, Massachusetts, Connecticut, Rhode Island IN: FIN SU:

KD-DC -- DC025 -- 4618 11/15/93 15:54 EST
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Publication:PR Newswire
Date:Nov 15, 1993
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