10/15/04 11:41:38 AM
Mr. Robert E. Feldman
Executive Secretary
Attention: Comments/Legal ESS
Federal Deposit Insurance Corporation
550 17th St. NW
Washington, DC 20429
RE: RIN 3064-AC50
Dear Mr. Feldman:
I am writing to request that you to withdraw your proposed changes to
the Community Reinvestment Act (CRA) regulations. My organization,
Century Housing, a nonprofit corporation, knows firsthand that the CRA
has
been instrumental
in increasing homeownership, boosting economic development, and
expanding small businesses in the nation’s low- and moderate-income
communities.
The Community Reinvestment Act is a critical component of our community’s
affordable housing and community development solutions. For the past 26
years, Century Housing has financed the development of more than 11,000
single family and apartmetn homes, improving the lives of low- and
moderate-income families in our community. Without strong support from
our
financial institution partners, this work would not have been possible,
and we will no tbe able to expand our activities to better meet the
critical housing needs of low and moderate income families and seniors
throughout Los Angeles.
The proposed FDIC rule would exempt many of our community’s key financial
partners from the effective and productive requirements currently in
place. We oppose any increase to the threshold of what is considered to
be
a small bank, and we urge the FDIC to withdraw its proposed rule.
Sincerely,
Stephen Peelor
Director, Structured Finance
Century Housing, a nonprofit corporation
