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WASHINGTON MUTUAL DONATES $10,000 TO AFFORDABLE HOUSING FUND, COMMUNITY REINVESTMENT FUND SAYS

 MINNEAPOLIS, March 31 /PRNewswire/ -- The Community Reinvestment Fund (CRF) today announced that the Washington Mutual Savings Bank Foundation of Seattle approved a $10,000 grant for the fund to support its loan purchasing program in Washington.
 Community Reinvestment Fund is a nonprofit organization that purchases economic development and affordable housing loans from community-based development organizations and government agencies, pools them together and issues bonds backed by the loan pools to private investors.
 The Washington Mutual Savings Bank Foundation's grant will go to the CRF Washington Credit Reserve Fund to be used as partial security for bonds backed by the loans that CRF will purchase from community development organizations involved in affordable housing throughout Washington. Proceeds from these bonds will provide a new source of financing for affordable housing projects.
 In addition, Lee Lannoye, executive vice president of real estate for Washington Mutual, has agreed to serve on the fund's statewide Washington Loan Purchase Advisory Committee. The role of the committee is to review development loans being considered for purchase by CRF, providing financial expertise and knowledge of local development efforts.
 Tim Otani, Washington Mutual's foundation administrator, said, "The Washington Mutual Savings Bank Foundation is pleased to provide both financial support to CRF's important efforts in Washington and the personal and professional assistance of our consumer bank."
 Community Reinvestment Fund's secondary market for development loans has provided capital to 23 community development lenders in five states. It has purchased 502 loans totaling more than $5.5 million from Minnesota, Wisconsin, Illinois, California and Michigan organizations. CRF recently began operating in Washington, Oregon and Iowa.
 CRF received a national 1992 Arthur D. Little Award for Excellence in Economic Development; the Economic Developer of the Year, for Improvement of Business Climate by the Economic Development Association of Minnesota; and most recently, the 1992 Economic Development Program Award by the National Council For Urban Economic Development.
 Serving the financial needs of Northwest consumers, Washington Mutual is the largest independent consumer bank headquartered in the Northwest, having assets of $9.9 billion and operating 137 financial centers and 17 home loan centers in Washington and Oregon.
 -0- 3/31/93
 /CONTACT: Frank Altman, president, of Community Reinvestment Fund, 612-338-3050 or 800-475-3050/
 (WAMU)


CO: Community Reinvestment Fund; Washington Mutual Savings Bank
 Foundation ST: Washington, Minnesota IN: FIN SU:


LM -- SE003 -- 1395 03/31/93 09:55 EST
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Date:Mar 31, 1993
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