Community Development Lenders Plan $1Billion Initiative

January 24, 2006, 1:00 a.m. EST 1 Min Read

PHILADELPHIA - (01/24/06) The newly organized OpportunityFinance Network, a group of 165 community development lenders, willunveil a new plan Wednesday to provide more than $1 billion inlow-income mortgages and relief for disaster-stricken communities.The network, known until now as the National Community CapitalAssociation, plans to dedicate $1 billion to a Fair Mortgageprogram to combat predatory lending; $100 million to financingmanufactured homes, and funding to provide relief for communitiesdevastated by a terrorist attack of natural disaster, likeHurricane Katrina. The group is also launching a NationalOpportunity Investor Council that will be headed by former FederalReserve Governor Edward Gramlich. Among the group members are:Alternatives FCU, Self-Help CU, Opportunities CU, Santa CruzCommunity CU and Southern Oregon FCU.

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