| DATE: |
|
February 6, 2001 |
| TO: |
|
Banking and Finance writers |
| WHO: |
|
Fred Mendez is a Community Affairs Specialist with the San Francisco
Federal Reserve Bank. As featured speaker, he will discuss the financial
industry trend toward using third party non-profit organizations
to serve as intermediaries for Community Reinvestment Act (CRA)
activities.
|
| WHAT: |
|
Washington Community Reinvestment Association’s Annual Meeting
The Washington Community Reinvestment Association (WCRA)
is a multi-bank lending consortium focused on financing
affordable rental properties throughout Washington. Its
37 member banks pool resources under the WCRA umbrella to
effect change in their local communities.
|
| WHEN: |
|
Friday, February 9, 2001
Annual Meeting starts at 1:00 p.m. PDT
|
| WHERE: |
|
The Washington State Housing Finance Commission
100 2nd Avenue, 28th Floor, Seattle
|
| WHY: |
|
Some cases suggest that intermediaries, such as the WCRA, might
be more effective than individual banks in community development
activities because of their technical expertise and familiarity
with local community groups. In its nine years, the WCRA has loaned
$150 million to housing developers creating 5,800 units for low-income
and special needs housing.
|
| Contact: |
|
Lily Ruiz, Media Relations Specialist
Lily Ruiz
(415) 974-3240
|
