PHILADELPHIA -- Mellon Bank Corp.'s Mellon PSFS unit said it will invest an additional $2 million in the National Equity Fund of the Local Initiatives Support Corp., and plans to make additional investments of up to $10 million through 1997.
Mellon's investment is earmarked for the Philadelphia area and will be used to help community development corporations create affordable housing in low-income communities. NEF, which offers corporations federal tax credits for equity investments in community initiatives sponsored by nonprofit organizations, "is an effective way for corporations to support the rebuilding of Philadelphia's neighborhoods," said Thomas F. Donovan, Mellon PSFS chairman and chief executive officer.
The fund has provided $44 million in equity financing since 1989 to 17 Philadelphia affordable apartment developments, resulting in the creation of 539 rental units for low-income individuals and families.
