Word: loaned
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Dates: during 1990-1999
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...Harvard loan to fund affordable housing is not purely altruistic
...those of you who haven't taken American History in a while, Glass-Steagall was a law made after the Depression that mandated the separation of commercial, investment and insurance banking. In short, it meant that Joe Public had to go to three separate places to get a loan, invest in the stock market and buy insurance, rather than do all of his banking under the same roof. Visiting three different financial institutions is not an inconvenience to your run-of-the-mill investor. The vast majority of people use banks for modest loans, mortgages and various kinds of insurance...
CAHT, a nonprofit organization run by the city of Cambridge, will distribute the remaining $6 million of Harvard's loan...
Combined with funds generated by "revolving," Harvard's commitment to providing a $20 million loan--over 20 years at 2 percent interest--will provide housing developers upward of 20 times that amount. Intermediaries will use University money to encourage additional giving from public and private institutions...
Thall predicted that the $10 million Harvard loaned LISC will attract $150 million more. Overall, Harvard's loan will allow LISC to create about 4,000 new units of affordable housing over 20 years, he said...