Regional President Speech

( 1 ) NHS Breakfast Speech - 5/88 Good Morning! When I told soMe colleagues yesterday that this Morning I would be addressing the partners of one of Chicago's foreMost_, soundly-run private-sector corporations~ that produces a high-quality product ~sin constant deMand by consuMers, I don't think they thought I Meant a non-profit organization that specializes in developing housing in low and Moderate incoMe urban neighborhoods in Chicago. This is the third tiMe I've had the pleasure of welcoMing you to the "Report to the Partnership" Breakfast of the Chicago Neighborhood Housing Services. We at the Federal Reserve Bank are proud to be associated with a not-for-profit housing organization that can be described in this way, because Chicago NHS is an organization that delivers! The Board of Governors of the Federal Reserve SysteM, and each of the twelve Federal Reserve District Banks, has backed the national Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ( 2) NHS prograM froM its inception in 1974. We have seen NHS grow froM an experiMental prograM in a sMall neighborhood in Pittsburgh, Pennsylvania to the Multi-Million dollar partnership it is today. Chicago has been a leader, but we have a total of 35 neighborhood partnerships in our District, in sMall towns as well as large. The theMe of this breakfast and NHS' upcoMing activities for the next twelve Months is "HoMe Ownership In Its Various Manifestations". I can think of no better direction for NHS, as hoMe ownership is the best way for faMilies of all incoMe levels to build equity, to gain control over the quality of their housing, and to put down roots in Chicagoland's various coMMunities and work to keep neighborhoods safe and decent places in which to live. NHS's new "Walk HoMe" PrograM in the Greater North Pulaski neighborhood is a good exaMple of this philosophy put into action. Using NHS's "partnership" concept, local eMployers organized by the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ( 3) Greater North Pulaski DevelopMent Corporation Make affordable "equity loans" to their eMployees who want to buy hoMes in the area. Local lenders have COMMitted to ~aking the first Mortgages and NHS has brought the secondary Market into the picture by obtaining a FNMA coMMitMent to Modify their underwriting guidelines and coMMit to purchase the Mortgages froM the participating lenders. It is exactly this kind of creativity, and COMMitMent to understanding the realities and dynaMics of the Marketplace, that Makes NHS such a pleasure to support. During this breakfast you will hear about Many More prograMs that the Chicago NHS has iMpleMented, and how NHS adds to the quality of life for faMilies all around Chicago. I know that you will be as iMpressed with the NHS acccoMplishMents as we are at the Federal Reserve and, if you are not already coMMitted to its support, I hope that you will join the ranks. Thank you. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Silas Keehn (1988, May 17). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19880518_silas_keehn

@misc{wtfs_regional_speeche_19880518_silas_keehn,
  author = {Silas Keehn},
  title = {Regional President Speech},
  year = {1988},
  month = {May},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19880518_silas_keehn},
  note = {Retrieved via When the Fed Speaks corpus}
}