80 Institutions Join Forces in N.Y.
New York has a new bank-sponsored organization devoted to developing affordable housing in upstate towns.
The Community Lending Corp. has been established by 80 banks and thrifts that are pooling money for the construction of government-sponsored housing projects.
"It minimizes the amount they have to put in [individually]." said Christopher R. Hooke, president and chief executive of the Albany-based organization.
Members Commit $90 Million
To date, members of the New York State Bankers Association, the Savings Bank Association of New York, and the New York League of Savings Institutions have committed $90 million to the program.
The new organization is modeled after the New York City-based Community Preservation Corp., which has lent about $700 million for housing since it was founded in the mid-1970s.
Mr. Hooke, the former chief operating officer of New York Bancorp, said he expects the group to begin making loan commitments within the next six months.