Profitwise News and Views
January 2004 Issue
Around the District
Illinois
Illinois Approves Statewide Community Reinvestment Policy
Illinois Governor Rod Blagojevich signed the State Funds Reinvestment Act into law in July 2003, allowing Illinois State Treasurer to consider a bank's Community Reinvestment Act rating and other factors in order for banks to receive state deposits. The Act "serves the interest of Illinois taxpayers," said Marva Williams, Senior Vice President of the Woodstock Institute. "I believe [Illinois taxpayers] would agree that only those financial institutions that adequately meet the credit needs of the communities they serve, including low- and moderate-income areas, should receive state funds."
For information, visit http://www.woodstockinst.org/document/ilcrabill.html or view the state legislation
Indiana
Former Checking Account Customers Get Second Chance in Indiana
Five financial institutions in central Indiana will participate in Get Checking, a six-hour financial education course that gives a second chance to those who cannot obtain checking accounts due to account-related problems. In central Indiana, approximately 20 to 30 percent of those attempting to open checking accounts run into trouble, estimates Rebecca Haynes-Bordas, an educator at Purdue University's Marion County Extension Service and coordinator of Get Checking.
For information call the Purdue University Marion County Extension Service at 317-275-9305 or see the Summer 2000 edition of Profitwise at
www.chicagofed.org/publications/profitwise/2000/pwjune00.pdf (PDF,10MB).
Iowa
Iowa Values Fund Invests in Major Wells Fargo Expansion
The Iowa Values Fund Board (IVFB) recently approved a $10 million investment to aid expansion in the Des Moines area of the Wells Fargo Home and Consumer Finance Group. Project plans call for the preservation or creation of over 5,000 jobs. Capital investments in the project include an estimated $175 million in facilities and infrastructure investments over four years.
The $503 million IVFB was recently created to "expand and stimulate the Iowa economy, increase the wealth of Iowans, and increase the population of the state. Financial aid is structured to assist business start-ups, expansions, modernization, new company recruiting, and business retention. Projects must meet high-wage, high-skill and education requirements. Priority is given to businesses in the life sciences, advanced manufacturing, and information solutions. Retail business projects are not eligible."
For information visit www.iowasmartidea.com
Michigan
Compuware, EDS Bring Jobs to Downtown Detroit
Compuware and EDS Corporation recently announced plans to move nearly 6,000 jobs to Downtown Detroit from outlying suburbs. The city continues to push plans to create a downtown "neighborhood" of 2,000 new residential units and 50 new small businesses and retail anchors by 2006.
For information see Economic Revitalization in Detroit Enters New Phase at www.chicagofed.org/publications/ profitwise/2003/pwwinter03.pdf.
Wisconsin
Southeast Wisconsin Developments Win
Charles L. Edson Awards
Milwaukee's Hawley Ridge Apartments and Grafton's "The Berkshire" development were honored recently by the Affordable Housing Tax Credit Coalition, a national tax credit advocacy group of developers, lenders, nonprofit groups, public agencies and others involved in affordable housing tax credits. The awards are to be used to bring additional services, facilities, or amenities into the project to benefit tenants.
For information visit: www.taxcreditcoalition.org/awards/ awards2003/winners.asp For more information on these and other Low-Income Housing Tax Credit developments in Wisconsin, visit the Wisconsin Housing and Economic Development Authority Website at http://www.wheda.com
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