Wednesday, October 12, 2005
9/11/05
WHY CHASE BANK SHOULD NEGOTIATE A CRA AGREEMENT WITH UAAD, WITH EMPHASIS ON ASSISTING THE HURRICANE VICTIMS.
UAAD’s purpose and aim is to negotiate an agreement with Chase Bank to make available low interest loans that can primarily be negotiated under CRA circumstances for low income, moderate income individuals that will include African Americans. It is our opinion that this act and a good faith effort on the part of Chase Bank will supplement the necessary financial support needed by the flood and hurricane victims. UAAD’s purpose is to ask Chase Bank to honor our negotiation in order that a process can be developed immediately to assist our members (to include those who are suffering from Katrina) in low interest loans and fulfill the banks CRA obligations at the same time
In addition to fulfilling the banks CRA requirements, our program is a win situation for the bank and the community it serves (see our web site). UAAD’s proposal consist of community based loan programs micro-managed by UAAD to assist and help provide consultation in order that these low interest loans will be paid back to the participating bank. These community based loans instituted under CRA guidelines have been successful in the past. It allows the bank to fulfill its CRA obligations, and meets the prudent loaning practice required by the FDIC.
UAAD would like to meet as soon as possible with the proper official in order to present our proposal .
WHY CHASE BANK SHOULD NEGOTIATE A CRA AGREEMENT WITH UAAD, WITH EMPHASIS ON ASSISTING THE HURRICANE VICTIMS.
UAAD’s purpose and aim is to negotiate an agreement with Chase Bank to make available low interest loans that can primarily be negotiated under CRA circumstances for low income, moderate income individuals that will include African Americans. It is our opinion that this act and a good faith effort on the part of Chase Bank will supplement the necessary financial support needed by the flood and hurricane victims. UAAD’s purpose is to ask Chase Bank to honor our negotiation in order that a process can be developed immediately to assist our members (to include those who are suffering from Katrina) in low interest loans and fulfill the banks CRA obligations at the same time
In addition to fulfilling the banks CRA requirements, our program is a win situation for the bank and the community it serves (see our web site). UAAD’s proposal consist of community based loan programs micro-managed by UAAD to assist and help provide consultation in order that these low interest loans will be paid back to the participating bank. These community based loans instituted under CRA guidelines have been successful in the past. It allows the bank to fulfill its CRA obligations, and meets the prudent loaning practice required by the FDIC.
UAAD would like to meet as soon as possible with the proper official in order to present our proposal .
# posted by walter @ 9:45 PM 
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State of Louisiana
New Orleans PMA
The BONAI AA consists of the entire New Orleans MSA including Jefferson,
Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist,
and St. Tammany Parishes. The bank ranks second in the New Orleans geography
with a deposit share of 18.93% on $3.5 billion as of June 30, 2003. Hibernia
National Bank ranks first at 27.16% and Whitney National Bank ranks third at
17.33%. There are 39 FDIC insured institutions in the MA, but the market is fairly
concentrated in the top 3.
The systemic problems of poverty and education, which are dominant throughout
the state, are most prevalent in New Orleans. In the Orleans Parish, nearly 28
percent of the population live in poverty, severely limiting lending opportunities.
The educational system has been a major factor in the state’s inability to attract
new and high-paying jobs. The median family income is $45,774 and 17.37% of
households are living below the poverty level.
The well-developed port, pipeline, and rail infrastructure, including strategic port
facilities for domestic and international trade are an area strength as is the strong
performance in leisure and convention-related tourism. A weakened dollar renders imports more expensive and hence weakens cargo growth and impinges job growth at the Port of New Orleans. The household bankruptcy rate remains higher than the national average, but has been flat of late. Boding well for future employment is the downward trend in business bankruptcies.
There is a significant shortage of affordable single-family housing units available in LMI tracts. The ‘water-locked’ limitations, aging housing stock, and the level of
deteriorated and abandoned properties compounds the shortfall. The housing
department estimates there are over 20,000 blighted and abandoned properties in Orleans Parish. The city is using the adjudication process to take back these
properties and donate them to non-profit organizations for rehabilitation into
affordable housing stock. This process is lengthy, taking from 18 to 36 months
per house to complete. Many of the houses in their current condition would not
meet the standards for any type of FHA, VA, or conventional loan program.
The need for public housing is great. Four public housing properties in New
Orleans have been deemed non-viable by federal standards. Since 2000, the
Louisiana Housing Finance Agency awarded 14 tax credit projects in the New
Orleans MSA.
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New Orleans PMA
The BONAI AA consists of the entire New Orleans MSA including Jefferson,
Orleans, Plaquemines, St. Bernard, St. Charles, St. James, St. John the Baptist,
and St. Tammany Parishes. The bank ranks second in the New Orleans geography
with a deposit share of 18.93% on $3.5 billion as of June 30, 2003. Hibernia
National Bank ranks first at 27.16% and Whitney National Bank ranks third at
17.33%. There are 39 FDIC insured institutions in the MA, but the market is fairly
concentrated in the top 3.
The systemic problems of poverty and education, which are dominant throughout
the state, are most prevalent in New Orleans. In the Orleans Parish, nearly 28
percent of the population live in poverty, severely limiting lending opportunities.
The educational system has been a major factor in the state’s inability to attract
new and high-paying jobs. The median family income is $45,774 and 17.37% of
households are living below the poverty level.
The well-developed port, pipeline, and rail infrastructure, including strategic port
facilities for domestic and international trade are an area strength as is the strong
performance in leisure and convention-related tourism. A weakened dollar renders imports more expensive and hence weakens cargo growth and impinges job growth at the Port of New Orleans. The household bankruptcy rate remains higher than the national average, but has been flat of late. Boding well for future employment is the downward trend in business bankruptcies.
There is a significant shortage of affordable single-family housing units available in LMI tracts. The ‘water-locked’ limitations, aging housing stock, and the level of
deteriorated and abandoned properties compounds the shortfall. The housing
department estimates there are over 20,000 blighted and abandoned properties in Orleans Parish. The city is using the adjudication process to take back these
properties and donate them to non-profit organizations for rehabilitation into
affordable housing stock. This process is lengthy, taking from 18 to 36 months
per house to complete. Many of the houses in their current condition would not
meet the standards for any type of FHA, VA, or conventional loan program.
The need for public housing is great. Four public housing properties in New
Orleans have been deemed non-viable by federal standards. Since 2000, the
Louisiana Housing Finance Agency awarded 14 tax credit projects in the New
Orleans MSA.
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