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STANDARD FEDERAL RECEIVES APPROVAL FOR 4 AFFORDABLE HOUSING PROJECTS

 TROY, Mich., April 20 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced that it has received $160,000 from the Federal Home Loan Bank (FHLB) of Indianapolis, to finance four Affordable Housing Program projects totaling 33 units of affordable housing in Michigan and Indiana. The funds will be used for the following projects:
 Habitat for Humanity of Metro Detroit, Inc.
 Detroit
 Rehabilitation Grant for Single-Family Housing (nine units)
 $40,500
 Kalamazoo Northside Neighborhood Renewal
 Kalamazoo Valley Habitat for Humanity
 Kalamazoo, Mich.
 Construction Grant for New Single-Family Housing (four units)
 $20,000
 Northeast Miracle '93
 Habitat for Humanity
 St. Joseph County, Ind.
 New Construction Grant for New Single-Family Housing (10 units)
 $50,000
 Wayne County Housing Initiative
 Detroit
 Rehabilitation Grant for Single-Family Homes (10 units)
 $50,000
 The funds are awarded under this program biannually, by the FHLB of Indianapolis. Applications are scored on a competitive basis pursuant to program guidelines.
 To date, Standard Federal Bank has received approval for 20 projects totaling subsidies over $1,250,818 which will create more than 326 housing units. Standard Federal is the leading participant in this program in the 6th Federal Home Loan Bank district.
 Standard Federal Bank has assets of approximately $9.8 billion and operates 123 banking centers in Michigan, Indiana and Ohio.
 -0- 4/20/93
 CONTACT: Mary M. Fowlie, vice president, Legal Department, Standard Federal Bank, 313-637-2534/
 (SFB)


CO: Standard Federal Bank ST: Michigan, Indiana IN: FIN SU:

DH-KE -- DE027 -- 8250 04/20/93 15:57 EDT
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Publication:PR Newswire
Date:Apr 20, 1993
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