MIAMI, April 12 /PRNewswire/ -- Shell Community Financing Company
today announced its participation through Continental National Bank of
Miami in Neighborhood Lending Partners of South Florida, Inc., a
lending consortium, to offer financing of multi-family affordable
housing projects to meet the needs of Miami-Dade County's underserved
communities.
Neighborhood Lending Partners of South Florida, through its 22
member banks, has created a loan pool of approximately $20 million for
affordable housing lending. Shell, the only corporation participating
in the venture, will contribute to the loan pool through Continental
National Bank of Miami.
"Through alliances formed with community development banks in areas
of the country where Shell has a major presence, the Shell Community
Banking Initiative strives to provide financial and entrepreneurial
education to minority- and women-owned businesses and assist them in
achieving their goals and dreams," said Shell Oil Company Treasurer
Ron Leftwich.
"Together, we will now be able to support the redevelopment of some
of the county's low-income and minority communities, and make a
difference in the quality of life of the residents in these areas,"
said A. 'Buster' Castiglia, Chairperson of Neighborhood Lending
Partners of South Florida, Inc. and President/COO of Continental
National Bank of Miami.
The Shell Community Banking Initiative was established in February
1998 to assist in addressing the social and economic needs in
under-served communities. To date, in addition to its investments in
the minority banks themselves, Shell has participated in 32 loans
totaling $31.7 million in community development loans in Houston, Los
Angeles, Washington D. C., New York, New Orleans, and Miami. Shell's
share of the loans has been $9.3 million.
All of the loans have resulted in true community enhancement and
job creation in these cities.
Neighborhood Lending Partners of South Florida, Inc., will operate
as an affiliate of Neighborhood Lending Partners, Inc., an established
non-profit lending consortium with a nine-year track record of success
in the affordable housing industry. Since its inception nine years
ago, NLP has funded approximately $110 million in loans, resulting in
more than 5,000 affordable housing units to serve low-income
households.
Source: Shell Community Financing
Company
Contact: Catherine Potter of Shell Community Banking Initiative,
+1-713-241-9797; or A. Buster Castiglia of Neighborhood Lending
Partners of
South Florida, Inc., +1-305-643-8277; or Debra Reyes of Neighborhood
Lending
Partners, Inc., +1-813-879-4525
###
