| Episcopal Community
Development, Inc. From: MorganRalf@aol.com [mailto:MorganRalf@aol.com]
Sent: Wednesday, April 07, 2004 11:09 PM
To: regs.comments@occ.treas.gov; regs.comments@federalreserve.gov;
Comments; regs.comments@oys.treas.gov
Subject: No Subject
Dear Officials of Federal Bank and Thrift Agencies
As a member of the National Community Reinvestment Coalition, and as
the Executive Director of Episcopal Community Development,serving the
entire Episcopal Diocese of Newark (New Jersey), I urge you to withdraw
the proposed changes to the regulations of the Community Reinvestment
Act .
This faith-based nonprofit provides new and rehabilitated housing for
sale to first time homebuyers who are low income, and for whom home
ownership has been only a distant dream. We do this by working closely
with banks (most over @$250 million assets) who provide favorable rate
mortgages, and which provide us with over 10% of our operating costs in
the form of investments in our work.
These banks also invest in the homebuyer training we provide free of
charge to all of our homebuyers plus hundreds of other families not
quire ready to buy a home. Virtually all of our buyers and trainees are
minorities. Programs like ours are revitalizing neighborhoods, helping
low income people gain assets and learn how to save, and increasing
homeownership significantly. We work relentlessly to teach people what
predatory lending is and how to avoid the traps set by those lenders.
The proposed regulations will weaken every aspect of the CRA, and will
bring real hardship to the people we serve, as well as diminishing our
ability to provide these essential services. We urge you not to adopt
the proposed regulations, and to ensure that the Community Reinvestment
Act continues to provide protection and support to the low income
minority communities in the United States.
Thank you for your attention to this important matter.
Carla L. Lerman AICP
Executive Director
Episcopal Community Development, Inc.
31 Mulberry Street
Newark, New Jersey 07102
ecd07102@dioceseofnewark.org |
