wfn.org | Board Invests More in Affordable Housing

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"UNITED METHODIST DAILY NEWS 97" by SUSAN PEEK on April 15, 1997 at 14:24
Eastern, about DAILY NEWS RELEASES FROM UNITED METHODIST NEWS SERVICE (142
notes).

Note 142 by UMNS on June 5, 1997 at 15:33 Eastern (1828 characters).

Produced by United Methodist News Service, official news agency of
the United Methodist Church, with offices in Nashville, Tenn., New
York, and Washington.

CONTACT:  Ralph E. Baker                            330(10-71B)142
          Nashville, Tenn. (615) 742-5470             June 5, 1997

Pension board to invest more
money in affordable housing

     EVANSTON, Ill. (UMNS) -- The United Methodist Board of
Pension and Health Benefits' Investment Committee meeting here
June 5 allocated an additional $100 million to affordable housing,
bringing its total to $250 million.
     The board began investing in affordable housing in 1990 with
$25 million.  
     The program is intended to create and preserve affordable
housing for individuals, families, the elderly and people with
special needs whose income is no higher than 70 percent of the
area median.  Some of the housing programs offer special services
such as daycare, job training, career counseling and substance
abuse counseling.
     The program provides housing for families that could not
afford decent, safe rental housing or acquire mortgages through
conventional financial institutions.  The board's investment
represents approximately 500 buildings -- 2,500 units.  The
investments are made through intermediary organizations that can
screen potential opportunities based on financial considerations.
     "These investments help us meet our dual goals of fiscal
responsibility and support the social values of the United
Methodist Church," said Gale Whitson-Schmidt, chief financial
officer of the board.
     The United Methodist Board of Pension and Health Benefits has
been recognized nationally as an innovative leader in the area of
affordable housing investment.
                              #  #  #

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