Federal Deposit
Insurance Corporation

From: John Walker [mailto:jwalkerz@columbus.rr.com]
Sent: Friday, October 22, 2004 8:28 AM
To: Comments
Subject: RIN number 3064-AC50

Thank you for the opportunity to comment on this issue. I think the proposed regulations are long overdue. The CRA act serves primarily to provide tax breaks to corporations through the development of Tax Credit properties.

As a former not-for-profit developer and operator of this type of housing I have been shocked and disappointed to see the bulk of the funds in the remain hands of the developers and sponsoring corporations; leaving the properties themselves underfunded and constantly struggling pay the bills. This is common in both the for-profit and non-profit environments.

It is time to end this deliberate incentive to waste tax dollars and redirect whatever subsidies are available to the creation of ownership opportunities for the people the programs are intended to serve. This provides the people in need of affordable housing with some dignity and self respect; instead installing them as a low priority item on the agendas of the developers, syndicators, and sponsoring corporations.