[Congressional Record Volume 140, Number 145 (Friday, October 7, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: October 7, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
              PORTALES NATIONAL BANK HELPS THEIR COMMUNITY

                                 ______


                          HON. BILL RICHARDSON

                             of new mexico

                    in the house of representatives

                        Friday, October 7, 1994

  Mr. RICHARDSON. Mr. Speaker, I urge my colleagues to join me in 
recognizing the efforts of Portales National Bank in New Mexico and 
Valle del Sol, an organization dedicated to the creation of affordable 
housing. Portales National Bank and Valle del Sol were chosen by Social 
Compact in conjunction with the 1993 Outstanding Community Investment 
Awards competition to be one of sixteen honorees that provided a 
partnership-based strategy to strengthen disadvantaged neighborhoods.
  Portales, New Mexico is a city of more than 10,000. Many Portales 
residents are renters and in the city there is old and deteriorated 
rental housing. In response to an inadequate supply of quality housing, 
Valle del Sol created a homeownership project, with the invaluable help 
of Portales National Bank. Portales National Bank makes loans to Valle 
del Sol which equal 100 percent of the purchase price of these rundown 
houses. Valle del Sol then sells these homes to worthy applicants which 
makes them homeowners. The actions qualify the families for State and 
Federal loan programs which cover materials for renovating homes. The 
family provides the labor. The result of this financing and family 
sweat-equity is that 54 families who never had a chance at 
homeownership now own these homes and owe less than half of the 
renovated property's value.
  Again, I want to commend Portales National Bank and Valle del Sol for 
being chosen as one of 16 honorees in this nationwide competition for 
helping to provide the citizens of Portales with one of the most 
essential elements of the American Dream-homeownership.

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