Citicorp S&L; Officer to Head Lenders Group
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An executive with Citicorp Savings in Oakland was named Thursday as president of a consortium of California banks pooling $100 million for loans to developers of affordable housing.
Daniel B. Lopez, 36, vice president of community lending for Citicorp, will become the full-time head of nonprofit California Community Reinvestment Corp. Lopez has specialized in financing housing projects for low-income and moderate-income families.
The consortium plans to open its main office in Los Angeles and begin making loans this fall. Among the banks in the group are the state’s four largest--Bank of America, Security Pacific, Wells Fargo and First Interstate.
“The biggest challenges are to provide technical assistance to low-income housing providers, to be innovative in making deals work that are affordable to low-income families and working with local governments,” Lopez said. The organization was formed last year as an initiative of the Federal Reserve Bank of San Francisco and San Francisco Development Fund, a nonprofit organization that promotes affordable housing.
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