Regional President Speech

1 I. GOOD AFTERNOON. I'M HONORED TO BE HERE TODAY TO EXPRESS THE FEDERAL RESERVE BANK OF CHICAGO'S CONTINUED SUPPORT FOR NEIGHBORHOOD HOUSING SERVICES OF CHICAGO. A. THIS IS THE FIFTEENTH YEAR THAT WE HAVE SPONSORED THIS REPORT TO THE PARTNERS EVENT -- AND EACH YEAR, -- I HAVE SEEN THE T. .... .sr ~ NUMBER OF NHS PARTNERS INCREASE. - I ~C uW-?-A.A- fo-t.,ellu ,v:/_d_~NJ ~-~,Vt'~ ~~ ½~~v, B. THIS GROWTH CAN BE DIRECTLY ATTRIBUTED TO THE SUCCESS OF NHS PROGRAMS IN REVITALIZING INNER-CITY NEIGHBORHOODS AND IN FOSTERING HOME OWNERSHIP. II. THE NHS MODEL IS A PROVEN ONE FOR MAKING THE DREAM OF HOME OWNERSHIP A REALITY FOR THOUSANDS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 2 OF LOW AND MODERATE-INCOME RESIDENTS AND FIRST TIME HOME BUYERS. A. YOU HAVE A STRONG COMMITMENT TO CHICAGO, AND ALL OF US IN AND AROUND THE CITY HAVE BENEFITTED FROM THE REVITALIZATION OF OUR NEIGHBORHOODS. III. THROUGHOUT THE YEARS, WE'VE SEEN NHS ACHIEVE DRAMATIC RESULTS IN REBUILDING CHICAGO'S AGING COMMUNITIES THROUGH ITS TECHNICAL ASSISTAf LOAN(AND GRANT PROGRAMS, A. SINCE 1975, NHS HAS REHABILITATED S8M!: ~ t& +"'-~~ UNITS AND LEVERAGED MORE THAN $730 ~ MILLION OF REINVESTMENT IN CHICAGO'S NEIGHBORHOODS. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 3 B. THIS IS AN OUTSTANDING RECORD IN WHICH EVERYONE ASSEMBLED IN THIS ROOM CAN TAKE PRIDE. IV. AS YOU KNOW, THERE'S BEEN A SURGE OF INTEREST AND ACTIVITY RELATED TO ENCOURAGING HOME OWNERSHIP. ~ ~ ~ ~ ~ _?;; ~c_J A. :r;tl KICKHMtt-OFF THE NEIGHBORWORKS NATIONAL HOME OWNERSHIP CAMPAIGN LAST a'UNE~ GOVERNOR LINDSEY, SPEAKING AS THE CHAIRMAN ~,rL'p.J OF THE BOARD OF THE NEIGHB~..>-1-· REINVESTMENT CORPORATION, REMARKS WE~ A CALL TO ACTION TO INCREASE THE LEVEL OF HOME OWNERSHIP IN LOW- AND MODERATE-INCOME NEIGHBORHOODS. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 4 V. YOU'VE CERTAINLY DONE YOUR PART IN RESPONDING TO THIS CALL. A. AS PART OF THE NATIONAL CAMPAIGN FOR HOME OWNERSHIP, NHS-CHICAGO HAS PLEDGED TO HELP 1,200 FAMILIES PURCHASE THEIR OWN HOMES )-'\~((rt~ OVER THE NEXT FIVE YEARS.- v),,tl,.,,.pq_v~~ ~ . B. THIS YEAR ALONE, NHS-CHICAGO IS PROJECTING THAT IT WILL HELP OVER 175 FAMILIES BUY THEIR FIRST HOME. C. ALL OF THIS IS PARTICULARLY IMPRESSIVE WHEN YOU CONSIDER THAT NHS CONTINUES MANY OTHER SERVICES SUCH AS HOME REPAIR LOANo/ GRANTS( AND HOME OWNERSHIP COUNSELING. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 5 VI. I BELIEVE WE CAN LOOK FORWARD TO CONTINUED GROWTH AND FURTHER PROGRESS IN MEETING THE NEEDS OF THE PEOPLE OF CHICAGO. A. MY OPTIMISM IS BASED ON THE PROVEN SUCCESSES OF THE EXISTING CHICAGO PARTNERSHIPS, COUPLED WITH THE POTENTIAL OF THE NEW NHS PARTNERSHIPS THAT ARE BEING FORGED. B. FREDDIE MAC'S NEW FAMILY PLUS PILOT PROGRAM, -- THE CHICAGO FAMILY HOUSING FUND, -- THE HOME OWNERSHIP SEMINARS, -- AND THE HOME OWNERSHIP COUNSELING SESSIONS ARE ALL PRIME EXAMPLES OF PROMISING INITIATIVES. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 6 C. BUT OUR FUTURE SUCCESS WILL DEPEND ON ALL OF US -- THE NHS PARTNERS -- WHO HAVE PLAYED SUCH A MAJOR ROLE IN THE SUCCESS OF THE ORGANIZATION. VII. WE ENCOURAGE ALL OF YOU -- ESPECIALLY THE FINANCIAL INSTITUTIONS -- TO CONTINUE THIS SUPPORT. A. YOU ARE INVALUABLE MEMBERS OF THE NHS ,.t_~ \ r,._/.)QJ7L~ PARTNERSHIP._{/\\/~ ,--- - - /- -vM ~ ~ B. YOUR PARTICIPATION AS CONTRIBUTORS HELPS NHS BUILD A FOUNDATION FOR ITS PROGRAMS/ C. ~ ~ ~ ~ O~T;:; ~NE~H~~S~'.l'AB~ C6MMUNITIES YD ~HA~ OUR EFFORTS HAVE WW Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 7 S!rEMMED NEIGHBORHOOD DECLINE, BU':1'4 w f D. OBVIOUSLY THERE IS MUCH MORE WORK TO BE \. t ~~ DONE.- F. THE SHORTAGE OF DECENT, AFFORDABLE HOUSING REMAINS A SERIOUS PROBLEM IN CHICAGO. G. WE NEED TO DO ALL THAT WE CAN TO ENSURE THAT NHS CAN CONTINUE TO EFFECTIVELY ADDRESS THIS ISSUE. H. WHEN A COMMUNITY WORKS TOGETHER TO REVERSE DECLINE --EVERYONE IN THAT COMMUNITY BENEFITS, ESPECIALLY HOME OWNERS AND AREA BUSINESSES DEPENDENT ON THIS MARKET. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis 8 VIII. IN CONCLUSION, NOT ONLY IS NHS RESPONSIBLE FOR THE VISIBLE CHANGE IN THE NEIGHBORHOODS, IT HAS ALSO HELPED TO CREATE A MORE SUBTLE TRANSFORMATION -- A RENEWED ENTHUSIASM AND BELIEF IN THE FUTURE OF CHICAGO'S COMMUNITIES. A. YOU HAVE ACHIEVED A LOT THIS PAST YEAR, AND YOU SHOULD BE PROUD OF YOUR ACCOMPLISHMENTS. B. WE AT THE FEDERAL RESERVE BANK OF CHICAGO HOPE TO SEE NHS CONTINUE TO FLOURISH. C. WITH THE ONGOING SUPPORT OF INDIVIDUALS SUCH AS YOURSELVES WE'RE SURE IT WILL. D. CONGRATULATIONS ON A JOB WELL DONE! Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Silas Keehn (1994, June 29). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19940630_silas_keehn

@misc{wtfs_regional_speeche_19940630_silas_keehn,
  author = {Silas Keehn},
  title = {Regional President Speech},
  year = {1994},
  month = {Jun},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19940630_silas_keehn},
  note = {Retrieved via When the Fed Speaks corpus}
}