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Article: State Street Corp. Unit Enters Affordable Housing Business.(Originated from The Boston Globe)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- July 3, 1997
- Author:
CopyrightCOPYRIGHT 1997 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Jul. 3--State Street Global Advisors, the money management arm of State Street Corp., yesterday said it was getting into the affordable housing business.
State Street said it has created an investment fund for institutional investors that will provide up to $100 million in mortgage money for affordable units around the country. That could produce 4,000 units of housing over the next three years.
State Street put together the fund with the thought that it would offer competitive rates for fixed-income investors. But in fact, the first two investors in the fund are the pension funds of two national religious organizations looking for socially ...