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STANDARD FEDERAL RECEIVES APPROVAL FOR FIVE AFFORDABLE HOUSING PROGRAMS

 STANDARD FEDERAL RECEIVES APPROVAL
 FOR FIVE AFFORDABLE HOUSING PROGRAMS
 TROY, Mich., Dec. 31 /PRNewswire/ -- Standard Federal Bank (NYSE: SFB) announced that it has received $329,644.46 from the Federal Home Loan Bank (FHLB) of Indianapolis, to finance five Affordable Housing projects totaling 91 housing units in Michigan and Indiana. The funds will be used for the following projects:
 Core City Neighborhoods, Inc., Detroit, interest rate subsidy, $46,433.46.
 LaCasa of Goshen, Inc., Goshen, Ind., interest rate subsidy & grant, $24,227.
 Victoria Park, Detroit, 20 mortgages, $93,894.
 Victoria Park, Detroit, down payment & closing cost assistance, $150,000.
 Women's Survival Center, Pontiac, Mich., grant, $15,000.
 The funds are awarded under this program biannually by the FHLB of Indianapolis. Applications are scored on a competitive basis pursuant to program guidelines.
 Standard Federal has had 13 Affordable Housing Program applications approved totaling more than $996,318 since the program began in 1990. This makes Standard Federal the most active participant in this program throughout Michigan and Indiana.
 Standard Federal Bank has assets of approximately $9.7 billion and operates 120 branches throughout Michigan, Indiana and Ohio.
 -0- 12/31/91
 /CONTACT: Mary M. Fowlie of Standard Federal, 313-637-2534, 800-482-3930 (in Michigan), or 800-874-3716 (in Indiana)/
 (SFB) CO: Standard Federal Bank ST: Michigan IN: FIN SU:


DH -- DE003 -- 5856 12/31/91 11:13 EST
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Publication:PR Newswire
Date:Dec 31, 1991
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