WASHINGTON In an article published this week, Comptroller
of the Currency John D. Hawke, Jr. urged national banks to join with government
and private sector partners to attack the problem of insufficient affordable
housing in rural America.
A bank interested
in financing affordable housing at manageable risk and with a reasonable
expectation of profit will quickly discover the value of partnering with state
and federal housing agencies, national affordable-housing networks, and local
community development organizations, Mr. Hawke said in an article published in
the spring issue of Community Developments, an OCC publication.
The newsletter, the second issue that explores banking needs
and opportunities in rural America, focuses on the vitally important role that
banks play in stimulating and supporting affordable housing initiatives. The
Fall, 2002 issue focused on banks and rural economic development.
Today, Comptroller Hawke notes, only an estimated 2
percent of rural households live in severely substandard housing. The old
problem of housing inadequacy has been surpassed in importance by the
relatively new problem of housing affordability. In many rural areas, Mr.
Hawke added, housing prices are rising rapidly because of the growth in urban
and suburban areas.
The new issue of Community Developments explores
numerous success stories, offering a road map for banks committed to playing a
positive role in rural development. The Spring 2003 newsletter issue also provides
insights on Community Reinvestment Act compliance, news-you-can-use from OCCs
district offices, and useful Web links.
The newsletter can be accessed quickly by selecting
Community Affairs on the OCC Internet home page, www.occ.treas.gov, and choosing
Publications and Resource Materials. For additional information on rural
housing, you may access OCCs Rural Community Development Banking Resource
Directory at www.occ.treas.gov/cdd/Rural.htm.
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The OCC charters, regulates
and examines approximately 2,200 national banks and 52 federal branches of
foreign banks in the U.S., accounting for more than 54 percent of the
nations banking assets. Its mission is to ensure a safe and sound and
competitive national banking system that supports the citizens, communities
and economy of the United States.
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