BANKING/FINANCE : 6 S&Ls; Get $460,000 to Help in Providing Low-Income Housing
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Six Orange County savings and loans have received more than $460,000 in subsidies from a quasi-federal agency to help build or renovate homes and apartments for sale to low-income families.
The grants are part of $8.9 million in subsidies that the Federal Home Loan Bank in San Francisco awarded to 15 institutions and a consortium of lenders under the Affordable Housing Program created by Congress in 1989 to help finance low- and moderate-income housing.
ITT Federal Bank in Irvine received $20,529 toward buying and renovating a single-family dwelling in Orange to provide a shared-living arrangement for adults recovering from mental illness. The S&L; also received $22,614 for a similar project in Santa Ana.
American Savings Bank in Irvine picked up $113,062 to build 12 rental units in Oakland and won $216,059 to build 30 townhouses in Marin City and provide 16 low-income mortgages.
A group of eight S&Ls; won $90,000 to provide funds for loans by Neighborhood Housing Services in Santa Ana. The loans are to renovate the Artesia-Pilar area of Santa Ana and to help fund about nine mortgages. Three county S&Ls--Western; Financial in Irvine and Downey and Pioneer, both in Newport Beach--are part of the group.
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