FDIC Federal Register Citations

Longview Housing Authority

From: Colleen Storms [mailto:cstorms@direcway.com]
Sent: Saturday, September 18, 2004 2:04 PM
To: Comments
Subject: Community Reinvestment -- RIN 3064-AC50

To the FDIC Rulemaking Committee:

I am the Finance Director of a local housing authority. We have been privileged in the past to finance some smaller projects that could not be managed without CRA funds. The only obstacle we’ve had to doing more of this type of work is that local banks have sometimes been slow to offer this as an alternative; marketing has not been prolific. Because many local banks in communities like ours would fall under the proposed exemption, this would further eliminate our ability to use CRA funds in our communities.

This program allows the financing of critical community facilities, which are more difficult to accomplish in our smallest communities. Our housing authority represents three counties, Pacific, Wahkiakum and Cowlitz counties in Washington State. The outlying communities are the hardest for us to serve without CRA funds. This exemption would further punish small towns in Washington State.

Please reconsider this action. It is time for local banks, the private sector, and the public sector in our communities to collaborate in new ways to preserve the quality of life for our disadvantaged neighbors in rural areas. It isn’t time to withdraw from these underserved areas and focus our efforts only on our larger urban centers. Please keep CRA alive in the small towns of America.

Sincerely,

Colleen G. Storms
Finance Director
Longview Housing Authority
Longview, WA