Chemical presents housing grants - Chemical Banking Corp.'s Community Development Group

Real Estate Weekly, July 22, 1992

At a reception held at its World Headquarters, Chemical Banking Corporation's Community Development Group distributed $139,500 in general support grants to 21 non-profit housing organizations located in Manhattan.

The grants are part of Chemical Bank's Housing Opportunities Program (HOP), a multi-faceted program designed to enhance the ability of community-based organizations to develop low- and moderate-income and special-needs housing. The program also supports nonprofit intermediary organizations which provide technical assistance to non-profit housing developers.

"No one sector of society can solve the housing shortage," said Edward D. Miller, vice chairman of Chemical Banking Corporation, in his remarks to the gathering, "But the business community, government and community organizations can work together to try to solve it. Chemical Bank is committed to doing its part."

The dollars awarded to the local organizations are part of a larger 1992 program that awarded $870,000 in general support grants to more than 100 housing organizations in communities throughout New York State. Those dollars represent a 23 percent increase over what Chemical and Manufacturers Hanover together provided to nonprofit housing developers last year and the number of organizations receiving support has grown by 17 percent.

Chemical's HOP program has three components: unrestricted, general Support grants to not-for-profit groups that have - demonstrated an ability to create low-income housing; housing seminars on topics relevant to community housing developers; and recoverable grants or no-interest loans, to finance a portion of up-front "soft" costs involved in housing development.