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FINANCE BOARD PRESENTS COMMUNITY PARTNERSHIP AWARDS
Community Lenders and Local Nonprofits Honored

Washington, D.C. -- The Federal Housing Finance Board today presented the 1997 Community Partnership Awards honoring partnerships in the Federal Home Loan Bank System for model efforts in the revitalization of America's communities.

At a ceremony in the Senate Caucus Room, the Finance Board honored 24 partnerships around the country, two from each of the 12 Federal Home Loan Bank Districts. The FHLBanks selected outstanding examples of joint initiatives by member institutions and nonprofit housing and community development groups that benefit lower-income people or neighborhoods. The winners were chosen in two categories: for exceptional partnerships in affordable housing or outstanding achievements in community development.

"The 1997 Community Partnership Awards are in recognition of the many outstanding community revitalization efforts taking place in the FHLBank System," said Finance Board Chairman Bruce A. Morrison. "These cooperative efforts serve as examples of how System members, through local partnerships, can help meet housing and community development needs in this country."

This is the third consecutive year that the Finance Board has presented Community Partnership Awards. FHLBank System members were chosen by the District Banks from among the more than 6,000 financial institutions that are part of the System. Many of the award-winning partnerships utilize funds from the System's Affordable Housing and Community Investment Programs (AHP and CIP), which since their inception in 1990 have helped finance more than 450,000 units of housing for low- and moderate-income families, and over 400 economic development projects in distressed communities.

The Community Partnership Awards recognize the partnerships' efforts in combining funding sources such as the AHP and CIP with funds and support from Federal, State, and local private organizations. These initiatives have resulted in a wide variety of projects, such as affordable rental housing for very low-income elderly, housing for the homeless, homeownership programs for low to moderate-income families, and economic development projects in areas in need of revitalization.. # # #

(Project descriptions of the 24 community partnerships selected for the awards can be obtained by calling Bill Glavin in the Office of Public Affairs at (202) 408-2546.)

The Federal Housing Finance Board is an independent agency created by the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA) and was given supervisory authority for the Federal Home Loan Bank System, a government sponsored enterprise that serves the primary mortgage market. As such, the Finance Board ensures fulfillment of the System's mission and reviews the financial performance and operating procedures of the System to ensure its safety and soundness.

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