Federal Deposit
Insurance Corporation

Housing Authority of the City of Shawnee, Oklahoma

From: Julia D. Lee [mailto:jdlsha@netscape.net]
Sent: Wednesday, October 20, 2004 3:12 PM
To: Comments
Cc: cra@nahro.org
Subject: RIN 3064-AC50

Please consider these comments regarding the proposed new rule to relax the Community Reinvestment Act requirements:

The Housing Authority of the City of Shawnee provides decent, safe, sanitary and affordable housing to low and moderate income families. Our Special Programs department provides opportunities for homeownership for low and moderate income families. We provide asset development, employment assistance, housing counseling, homebuyer education and Section 8 Homeownership.
We rely on our partners in the lending industry to assist us in providing speakers, refreshments and materials to our Homebuyer Education classes, technical assistance, and flexibility in lending products to meet the needs of our buyers.

CRA mandates have laid the groundwork for promising partnerships in the future. Our area lending institutions have taken the first steps in partnering to provide more opportunities for low and moderate income families. There is yet progress to be made to further the mission to include more flexible loan products and coordination with local and state programs to supply funds for IDAs, low or no down payment and closing cost programs, keeping interest rates and payments low, and providing funding to non-profits to sustain Homebuyer Education and Housing Counseling activities.

Our position is that this is a counterproductive measure that will reverse the momentum that has been gained in the President’s homeownership initiative. Institutions protected by federal deposit insurance should not have regulations relaxed in their requirement to invest in the very communities that support them and keep them in business.

Thank you for entertaining this comment.

Mynda Bowden
Family Self-Sufficiency Coordinator and Housing Counselor
Housing Authority of the City of Shawnee, Oklahoma