National Reinvestment Corp. Seeks CUPartners

WASHINGTON - (09/28/04) -- Federal Reserve Governor EdwardGramlich called on credit unions to partner with the NeighborhoodReinvestment Corp., a non-profit group he chairs that helps providehousing assistance across the country. Gramlich told attendees toNAFCU's Congressional Caucus that credit union have partnered withthe Washington-based group in more than two dozen locals to helpbuild homeownership among low- and moderate-income people and innercities. Partnerships between credit unions and the NRC haveblossomed over the past two years since the involvement with thegroup of NCUA Board member Deborah Matz, now an NRC director. Lastyear, Matz helped broker a project under which New Hampshire'scredit unions will provide $35 million in affordable housingassistance through an NRC affiliate, known asNeighborworks.