March 5·11,1989 MICHIGAN CmZE 15
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,ISE fle rs bank.
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BENTON HARBOR +- Give a special review to
Two of the area's major com- evety application for credit
mercial banks have proposed a £rpm the City of Benton Harbor
plan to make available more withan eye toward finding a way
than S� million in the Benton to make the loan consistent with
Harbor housing market over the sound banking practice.
next five years, announced - Provide a series of semi­
Michael Green, President of the oars on what types of loans are
Neighborhood Information ava�ble and how to make. ap-
Sharing Exchange (NISE). plication for those loans.
According to spokespersons - To work with NISE, the
for the two banks who ad- Community Economic
dressed a recent meeting of Development Corp. (CEDe),
NISE, Inter-City Bank and the City of Benton H bor and
Peoples State Bank, will not other organizations to assist
only make available money in those individuals who have dif­
the form of loans but will ficulty meeting normal down
provide educational services to payment requirements but do
borrowers, Green said. He have a demonstrated ability to
added, they will also address the • make monthly payments.
problem of a lack of money for "The key to the su of this
traditional down payments by program may well be the educa- ,
many area residents. tional process", the sopkesper-
The two institutions would son indicated. No amount of
make the following amount dollar commitment will be suffi­
available to qualified buyers or cient if developers do not see
developers lookirig to invest in Benton Harbor as a good,
the Benton Harbor housing profitable place ·to make an in­
market: vestment or if qualified bor-
- SlO,OOO,OOO over 5 years rowers do not come forward to
for Residential Real Estate and make applicat on for these
Home Improvment Loans. funds .
. ' :- . S5,OOO,000 ov�r 5 years to In the past the approval rate
individuals or businesses who for loans in the Benton Harbor
. .'. e eft as high or higher
smgle fanulyoccupancy. than other areas in hich the
- S2,500,OOO over 5 years to banks lend but too few in­
individuals or businesses who dividuals or businesses have
w?u�d re�abilitat.e or �pgrade been interested in making an in­
rnilti-family housing units con- ve�tment in the city the bankers
sistent with the goals of the City said, ,
of Benton Harbor. Total is "We hope and expect that
$17,500,000. this plan and the other positive
The two banks represent steps eing taken by the City,
. bout 33% of the deposits in the the CEO , NlSE and other or­
greater Benton Harbor area ganizations such as Andrews
and that a similar target by the University through their
area's twelve remaining Banks, C.S.A. P. program and the
avings and Loans and Credit C.O.R.D. program of the First
Unions could pump more than Presbyterian Church will
$50,000,000 into the Benton dramatically change people's
Harbor housing market over the perception of the wisdom of in­
next 5 years. vesting in Benton Harbor and
To "complement this revitalizing its neighborh ods,"
proposaJ, Peoples State Bank NISE members heard the bank
and Inter-City Bank would: representatives say.
-WE TAKE OUR nNE-
(616) 927-1757
ee on Pavonne a more common