Spanning the Region

St. Louis Fed Names Poole New President

The Federal Reserve Bank of St. Louis named William Poole as president, effective March 23, 1998. Poole joins the St. Louis Fed after a 24-year career at Brown University in Providence, R.I., where he was the Herbert H. Goldberger Professor of Economics.

He twice has served as chairman of the economics department and was the director of the university's Center for the Study of Financial Markets and Institutions for five years.

"A Reserve Bank presidency carries with it special responsibilities in the community," Poole said. "As a citizen of the Eighth Federal Reserve District, I will contribute wherever I can to improving economic education and promoting economic and community development. I know that economic change often brings into the open many conflicting interests. The Fed can serve as an honest broker in bringing people together to resolve policy disputes."

Poole began his career at the Board of Governors of the Federal Reserve System in 1964 and worked as a senior economist there from 1969 to 1974. He was a member of the Council of Economic Advisers from 1982 to 1985 during the first Reagan Administration. Before joining the St. Louis Fed, he was a member of the Academic Advisory Panels of the Federal Reserve Banks of New York and Boston.

Mortgage Credit Certificate Program Available in Rural Missouri

The Missouri Housing Development Commission (MHDC) is offering a new program for rural areas throughout the state. The Mortgage Credit Certificate (MCC) program offers home buyers of newly constructed properties in rural Missouri a federal tax credit. The maximum MCC credit is the lesser of 25 percent of the mortgage interest paid per year or $2,000.

Only first-time home buyers may participate in the program unless the home to be purchased is in a target area (an area in which 70 percent of the families have an income that is 80 percent or less of statewide median). In addition, borrowers must meet MHDC's income eligibility guidelines.

The MCC is issued to a specific borrower in conjunction with a mortgage loan obtained through a participating lender. Any type of loan financing is acceptable, with the exception of a balloon loan.

For more information about the MCC program, contact the MHDC at (816) 759-6800.

SIRDP's List of Partners Continues to Grow

As previously reported in Bridges, the Southern Indiana Rural Development Project Inc. (SIRDP) has brought together partners from all across Indiana to support development of affordable housing. SIRDP's pilot effort in Scott County resulted in the formation of the Scott County Housing Partnership and helped to establish alliances with developers, realtors, businesses, all levels of government, low-to-moderate income residents, banks and nonprofits.

SIRDP approached Indiana Housing Finance Authority (IHFA) and Cinergy/PSI Energy for support in creating a homeownership program and manuals to educate potential homeowners on buying a home. Both IHFA and Cinergy/PSI Energy were extremely receptive to the proposal and committed $32,785 and $22,385, respectively, to the project. SIRDP is:

  • creating and printing a homeownership users' manual and accompanying instructors' manual;
  • arranging to receive requests over a toll-free number for the manuals and to distribute them upon request;
  • planning to conduct statewide publicity on the availability of the materials, while also educating potential organizers about appropriate usage; and
  • planning three statewide presentations that detail the steps needed for holding local homeownership education programs.

For more information, contact Michael J. Traylor of SIRDP at 1-800-816-0019.

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