FYI - new investment fund for inner cities

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Bank of America Announces $500 Million
Investment Fund for Inner Cities

Bank of America recently announced it would invest $500 million in 
inner cities across the country as part of the Bank of America 
Catalyst Fund.  The new fund is designed to encourage urban 
renewal in the regions in which the bank is located, including the 
Southeast, Southwest, Mid-Atlantic, the Northwest, and California.  
In 1998, Bank of America made a 10 year commitment to provide $350 
billion for financing to low-income communities.  The resources in 
the Catalyst Fund will be financed from this  commitment.  The $500 
million investment will be backed by equity and lent at interest 
rates typically lower than the standard commercial rates. 
The Catalyst Fund will also include $100 million in 10 year loans to 
community institutions that already provide capital to businesses 
and organizations in inner cities.  Further information about 
community development at Bank of America can be found at
<http://www.bankofamerica.com/community/>.

The Clinton Administration seeks to encourage this type of private 
sector investment as part of the New Markets Initiative.  The 
Initiative includes the recent presidential visit to economically 
distressed communities across the country, highlighting new 
opportunities, and identifying the economic potential for             
investment in underserved markets.  For more information about the 
New Markets Initiative, access
<http://www.pub.whitehouse.gov/uri-res/I2R?urn:pdi://oma.eop.gov.us/199
9/7/6/8.text.1>.