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SOUTH CAROLINA NATIONAL ANNOUNCES HOUSING COALITION

 CHARLESTON, S.C., April 29 /PRNewswire/ -- South Carolina National Bank today (April 29) announced a unique coalition of public, private and non-profit organizations in the Charleston area who are working together for the rehabilitation and stabilization of deteriorating neighborhoods.
 The coalition, made up of organizations that can provide both the housing and the money with which to purchase housing, wants to make the potential homeowner aware of available affordable housing and how he or she can own a home. This initiative is expected to set a standard for creating a model that can be used throughout the country to help revitalize communities.
 One of the first steps already taken by South Carolina National Bank toward this goal was a $100,000 challenge grant to the Historic Charleston Foundation to assist with renovating and rehabilitating available houses in the downtown Charleston area.
 There are four spokes to the "wheel" that can complete the cycle for the consumer in purchasing a home, said John B. Holloway, Jr., South Carolina National regional executive. These include: 1. the provider or builder; 2. the funding or financing; 3. the marketing or administration; and 4. the consumer who will make the purchase.
 The Mayor's Task Force for Affordable Housing has already created a forum for the providers or builders of the homes, while South Carolina National has had in place for years a Low to Moderate Income Mortgage program that provides mortgage money needed to buy or renovate houses. Other financial institutions have similar low-income mortgage funding programs available.
 "We expect the newly announced Trident Urban League to get involved in making the public aware of the different affordable housing programs," Holloway added.
 The coalition will now concentrate on providing solutions for the housing needs of low to moderate income consumers. "We wanted to bring public, private and non-profit representatives together to share ideas and experience, in order to make the dream of home ownership a reality for low-to-moderate income consumers," Holloway said.
 -0- 4/29/93
 /CONTACT: Linda K. Logan, South Carolina National Bank, 803-765-3369/


CO: South Carolina National Bank ST: South Carolina IN: FIN SU:

MM -- CH012 -- 2774 04/29/93 15:01 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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