For First Chicago Corporation
Authors: Swift, Larry, and Pogge, Jean
Summary
This paper discussed the significance of the Neighborhood Investment and Revitalization Program which lies not only in its size (perhaps the largest of its kind in the nation), but in the development and design of the program as well. The concept and details of the program were formulated by neighborhood-based and city-wide groups working with senior officers of First Chicago Corporation over a period of three months Frank discussions of neighborhood credit needs and opportunities resulted in a program that will provide homeowners, businesses, and owners of apartment buildings access to kinds of credit heretofore difficult or impossible to find — and at the best interest rates available. Owners or purchasers of apartment buildings housing low- and moderate income tenants will be able to borrow long-term money (up to 30 years) at favorable rates to fix up their buildings. Homebuyers will be able to obtain one loan with which to buy and rehabilitate one- to four-unit properties. Small businesses will be able to obtain long-term, favorably priced loans with which to purchase equipment, expand their plants, or acquire new facilities.
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Neighborhood Reinvestment Partnership: Community Groups Lead The Way For First Chicago Corporation
