From: Nancy Larsen [mailto:nancy.wsh@verizon.net]
Sent: Thursday, September 02, 2004 12:29 PM
To: Comments
Subject: Proposed CRA Regulation Changes
I am the Executive Director of a mutual self-help agency that helps
low income families build their own homes. We have received several
small grants from local banks to help us in the operation of our
program. It would be a disservice to local communities if the
possibility of these grants were eliminated.
One of our most recent grants gave us funds to produce 100 "Owner
Builder Handbooks" for our families These books not only to help them
with the building process but also to help with future home maintenance.
Another grant is helping us purchase play equipment for a "Tot Lot" area
in a new subdivision we are just completing. We have plans to submit
another grant to a local bank in order to work hand in hand with a local
city to complete a park for a 49 lot subdivision, which our families
built out about 3 years ago.
While these are not large grants, they are still funds that would not
have been available from any other source. We feel that the Community
Reinvestment Act is a critical component to our community's affordable
housing and community development solutions. Regulations are driving up
the cost of land for our families and the funds we receive from these
grants help keep those costs down. We oppose any increase to the
threshold of what is considered to be small bank. The proposed FDIC rule
would exempt many of our community's critical partners from the
effective and productive requirements currently in place. We urge FDIC
to withdraw its proposed rule.
Thank you for your consideration.
Nancy Larsen
Whatcom-Skagit Housing
5373 Guide Meridian E105
Bellingham, WA 98226