Regional President Speech

New Hampshire Community Reinvestment Corporation (NHCRC) Press Conference Remarks February 17, 1995 Cathy Minehan, President Federal Reserve Bank of Boston Today we are celebrating the start of a new organization, the New Hampshire Community Reinvestment Corporation -- an organization that is designed to address the critical need for affordable housing in the state of New Hampshire. As you know, the availability of long-term financing for affordable housing is currently one of the most important economic and social problems facing this state. This new organization, which we refer to as NHCRC, is a nonprofit mortgage banking corporation linking 29 financial institutions and the New Hampshire Housing Finance Authority. These institutions are pooling $30 million to provide permanent financing for affordable multifamily rental housing projects throughout the state. By forming the New Hampshire Community Reinvestment Corporation, lenders in New Hampshire have committed themselves to a constructive, proactive role in addressing the affordable housing problem. I'm especially pleased that the 29 financial institutions and the New Hampshire Housing Finance Authority are working hand-in hand to foster the success of the consortium. I'd like also to give special credit to the staff at the Development Fund. When the Housing Authority conducted the search for organizations who have expertise in lending consortia, their research led them to the work of the Development Fund. They have affordable housing consortia in seven states, and provided much of the staffing and support and really guided the New Hampshire Task Force and its working committees through the planning phase over the past year. Today, NHCRC held its first annual meeting and the founding members elected the board of directors; its chairman, David Haney; and all of its officers. With this leadership in place, NHCRC will have all of the ingredients necessary to be a success. The Federal Reserve Bank of Boston has been very happy to support this effort from the very beginning. We've watched it grow from simply a good idea into a tremendous partnership that I know will provide a valuable service to New Hampshire. The spirit and enthusiasm that NHCRC has generated is spreading. Banks in other states are considering the model, for replication. We're confident that NHCRC will be successful, and that it will serve as a model of cooperative and creative partnerships in our region and throughout the country.

Cathy E. Minehan (1995, February 16). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19950217_cathy_e_minehan

@misc{wtfs_regional_speeche_19950217_cathy_e_minehan,
  author = {Cathy E. Minehan},
  title = {Regional President Speech},
  year = {1995},
  month = {Feb},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19950217_cathy_e_minehan},
  note = {Retrieved via When the Fed Speaks corpus}
}