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J uly 3, 1996 • T he P ortland O bserver
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Corporations Invest
Corporate leaders from across the
country came to the U S. Conference
o f Mayors meeting in Cleveland to
present the nation s leading mayors
with a check for $410 million in
equity This check will be invested in
the affordable housing development
intitiaves o f nonprofit neighborhood-
based developers.
“In Cleveland and cities across
the country, corporations are joining
in dynamic partnerships with city
agencies and the community to re
build neighborhoods and transform
lives,” Cleveland Mayor Michael R.
White said “These partnerships
stretch scarce public resources and
work because they are following the
lead o f the community. The Housing
Credit has been critical in stimulat
ing corporate investment and creat
ing these partnerships. This $410
million investment demonstrates that
the credit works, and works well.”
The check was presented to May
ors White, Richard M Daley and
Norman B Rice at a ceremony in
Cleveland's Hough neighborhood by
Local Initiatives Support Corp.
(LISC), the nation’s leading commu
nity development support organiza
tion. It represents the record-setting
1995 raise o f LISC’s affiliate, the
National Equity Fund (NEF), which
uses the federal Low Income Hous
ing Tax Credit to channel corporate
investment into affordable rental
housing development.
“This is a great day for our cities,"
Chicago Mayor Daley said, “As may
ors, we know first hand the challeng
es we face in rebuilding and reviving
our cities. But we also know the
potential that exists in our neighbor
hoods— potential that this corporate
investment through L ISC 's NEF
helps to bring to fruition.”
Cities where nonprofit develop
ers will receive NEF 1995 funds in
clude: Cleveland, T oledo and Y oung-
stown, Ohio; Guilford, Hartford and
New Haven, Conn.; Atlanta; Chica
go; Detroit; Minneapolis, Coon Rap
ids and Worthington, Minn.; Oma
ha, Nebraska; Monroe, N Y ; Newell
Creek, Ore.; Providence, Rhode Is
land; Lynnwood and Everett, Wash.;
and Los Angeles, San Jose, North
Hollywood, Sylrnar and Oceanside,
Calif. Other cities and states where
funding commitments are expected
include. Little Rock; Arizona; Colo
rado; Indianapolis; Kansas City;
Durham and Rhode Island.
Daley and Seattle Mayor Rice—
respectively the incoming and out-
goingU.S. Conference presidents —
and White were joined by Ohio Gov.
George Voinovich, LISC President
Paul S. Grogan, NEF CEO George
Latimer and corporate and commu
nity leaders. The ceremony was held
Minority Homeownership
Effort Set In Motion
Revelation Corporation, a histor
ic partnership o f five o f the nation’s
largest Black denominations, and
Northwest Mortgage, Inc., the na
tion’s leading provider o f residential
mortgages, today announced the cre
ation o f Revelation Mortgage Com
pany o f America, a for-profit joint
venture o f the two companies de
signed to spur homeownersh ip among
the nation’s minority population.
The joint venture is subject to
approval by HUD (Housing & Ur
ban Development), VA (Virginia)
and !ie Federal Reserve Board. In
addition. Revelation Mortgage Com
pany will require licensing in each
state in which it intends to originate
loans. Upon gaining these approvals,
officials say they plan to begin pro
cessing mortgages, rolling out one
major market at a time. Ultimately,
Revelation Mortgage Company is
expected to have national outreach.
Revelation M ortgage Company
will originate mortgage loans through
adedicated national 800 number com
plemented by a nationwide network
o f specially trained, certified loan
officers. This approach will use
N orthw est’s state-of-the-art technol
ogy and its stores and loan officers in
all 50 states.
Loan officers will exclusively mar
ket spec ial ized mortgage products and
services through Revelation Corpora
tion’s 43,000 members churches, rep
resenting nearly 20 million members.
06786676
in front o f the historic Crawford-
Tilden Apartments, a landmark 19-
unit building in Hough being reha
bilitated as affordable housing for
low-income families by Famicos
Foundation using a combination o f
Historic Preservation and Housing
credits.
Hough, a community devastated
in the riots o f the 1960s, has seen
significant reinvestment spurred by
these and other federal incentives.
In addition to Crawford-Tilden, doz
ens o f new and rehabilitated homes
and apartments are being built. Some
60 market-rate for-sale homes are
bringing middle-class families back
to the neighborhood and the Church
Square retail development is thriv
ing.
NEF is the nation’s leading non
profit syndicator o f Housing Cred
its. The Housing Credit, enacted in
1987, has become the country’s prin
ciple generator o f affordable hous
ing, responsible for stimulating $ 12
billion in private investment, creat
ing some 800,000 affordable homes
and apartments and generating an
nually 90,000 jobs and $1.3 billion
in tax revenues.
The 1995 raise is $100 million
more than NEF has raised in any
previous year and demonstrates both
corporate A m erica's growing social
consciousness and recognition that
investing in community-based re
newal initiatives is good business.
I his also highlights the importance
o f permanent Housing Credit. Since
the credit was made permanent in
1993, corporate investment in NEF
has more than doubled.
“These investments, in cities large
and small across the country, dem
onstrate the enormous diversity and
Affordable Housing
For Seniors
TRI Capital Corporation has
provided a $2.1 million loan for
the refinancing o f a new, low-in-
come senior apartment complex
in South San Francisco, Califor
nia.
Sixty-eight o f A lida M anor
A partm ents’ 75 units are available
exclusively toelderly residents that
qualify forU .S. H ousing& Urban
Development (H U D ) Section 8
certificates and vouchers. This
m eans the San M ateo County
Housing Authority assists resi
dents with rents that exceed 35
percent o f their income.
“ This project fulfills a need for
affordable housing in San Mateo
County where few facilities ac
cept subsidized housing vouchers
for low-income households,” states
BUI Szymczak, chief underwriter
for TRI Capital.
TRI Capital C orporation’s pri
Speedy Service
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C O N S T R U C T IO N
DEVELOPM ENT
Thinking of
rate America to the table, and shown
corporate leaders that community-
based development is a worthy in
vestment.”
Congress last year voted to termi
nate the House C redit's permanent
status by the end o f next year. How
ever, an unprecedented bipartisan
coalition o f mayors, governors, sen
ators and representatives, joined by
some 1,600 business and civic asso
ciations, rallied in support o f the
credit President Clinton vetoed the
bill and referred specifically to the
Housing Credit provision as one rea
son for his veto.
“ What Cra wford-Ti Iden i 11 ustrates
is the potential o f the Housing Credit
to create these partnerships and chan
nel critical private resources to com
munity-based renewal initiatives that
have transform ed neighborhoods
across the country," Latimer said.
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vitality o f the community-based de
velopment movement,” Rice said
“These groups represent the future
for our communities. It is why we as
mayors have worked so hard to sup
port them, and why we rallied be
hind the Housing Credit when its
permanent status was threatened in
W ashington.”
“ Here, with this construction and
other reinvestment in Hough taking
place around us, we see what is pos
sible when dedicated community
leaders, supported by a powerful
partnership o f city officials, local
corporations and national founda
tions, are able to leverage scarce
public dollars and gain access to the
financial and technical resources they
need to realize their dreams for their
neighborhoods,” Grogan said. “A, a
time o f diminishing resources, the
Housing Credit has brought corpo
mary business is making multifam
ily housing loans to fund the con
struction, acquisition or refinanc
ing o f rental housing and senior
health care facilities. The compa
ny specializes in arranging gov
ernment agency and conventional
financing nationwide as well as
providing nontraditional funding
alternatives.
TRI is a leader in financing af
fordable housing using tax-exempt
bonds and low-income housing tax
credits. Other services include un
derw riting, asset m anagem ent,
project development, loan analy
sis, construction planning, con
struction and permanent loan ser
vicing.
In 1995, TRI led the nation in
providing FHA-insured multifam
ily loans, funding over 10,000
units with over $302 million in
mortgages.
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Information herein deemed reliable, but not guaranteed.