Submitted by Comerica Bank
LOS ANGELES, Oct. 9 /PRNewswire-FirstCall/ -- Recognizing the success of Los Angeles Neighborhood Housing Services (LA-NHS) in spurring home ownership, Comerica Bank officials today announced a $200,000 grant to the non-profit community development organization.
Lori Gay, president and CEO of Los Angeles Neighborhood Housing Services will accept the check from the Comerica Charitable Foundation from Mike Fulton, president and CEO of Comerica Bank's Western Market, at 8:00 a.m. during the Comerica Bank Affordable Housing Forum in the USC Davidson Conference Center.
CityView President and homebuilder/developer Joel Shine will deliver the forum's keynote address at noon today, also in the Davidson Conference Center. The forum, featuring panelists from government, businesses, academia and non-profits, is from 8 a.m. to 1 p.m.
The Comerica Charitable Foundation grant will help support the LA-Neighborhood Housing Service's home ownership program, which empowers hundreds of Los Angeles County low- to moderate-income families to realize their dream of being a homeowner.
"Affordable housing is one of the key issues affecting the long-term sustainability and livability of California," said Mike Fulton, president and CEO of Comerica Bank's Western Market. "Providing capital to innovative programs such as the LA-NHS first-time homebuyers program will offer a creative financial vehicle to promote life-long home ownership and neighborhood self-sufficiency."
The grant continues and expands a pattern of community investment by Comerica Bank, which in 2006 awarded approximately $5 million in direct grants to community development agencies as well as cultural, educational and civic organizations in California. The bank also provided $80 million in loans to support affordable housing development in California.
"At Los Angeles Neighborhood Housing Services, we have seen first-hand how Comerica Bank brings both its experience and presence as a financial institution to bear on the development of affordable housing and neighborhood revitalization at the local level," said Lori Gay, president and CEO, a non-profit lender, developer and neighborhood revitalization corporation. "Comerica Bank is a proven leader in community development not only because of its lending and investing, but also due to their ability to work with partners and understand the community's needs."
"Los Angeles Neighborhood Housing Services has made great strides in revitalizing neighborhoods and has also helped countless individuals and families experience the reward of home ownership," said William Becker, vice president for public affairs for Comerica Bank's Western Market.
LA Neighborhood Housing Services Homeownership Program
The program provides all of the services needed to buy a home -- from evaluation of the buyer's preparedness and financial ability to purchase a home, to classes about the home buying process, assistance with credit management, down payment savings assistance for those who qualify and loan assistance.
About Comerica Bank
The Western Market of Comerica Bank includes 80 retail banking centers in two states, California and Arizona: 75 in the key California markets of San Francisco and the East Bay, San Jose, Los Angeles, Orange County, San Diego, Fresno, Sacramento, and Santa Cruz/Monterey; and five banking centers in greater Phoenix, Ariz.
Comerica Bank is a subsidiary of Comerica Incorporated (NYSE: CMA), a financial services company strategically aligned into three major business segments: the Business Bank, the Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships and helping businesses and people is successful. Comerica bank locations can be found in Michigan, California, Texas, Florida and Arizona, with select businesses operating in several other states, Canada and Mexico. Comerica reported total assets of $59 billion at June 30, 2007. For more information, go to www.comerica.com.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Commercial Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico.
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