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THE WHITE HOUSE

Office of the Press Secretary


For Immediate Release January 26, 1995

PRESIDENT NAMES COMMUNITY DEVELOPMENT FUND ADMINISTRATOR

President Clinton announced today his intention to nominate Kirsten S. Moy as the administrator of the Community Development Financial Institutions Fund.

Moy has served as a vice president and portfolio manager of Equitable Real Estate Management in New York City since 1990. She has been responsible for the development of alternative vehicles to enable institutional investors to invest in affordable housing and other types of real estate-related community projects. From 1984 to 1990 Moy was a vice president in charge of the Social Initiative Investment Department at the Equitable Life Assurance Society of the United States in New York City. She has also held a variety of positions with the Ford Foundation, Nabisco Inc. and the Huntington Two Project of the Polytechnic Institute of Brooklyn.

Moy received a M.S. in Operations Research from the Polytechnic Institute of Brooklyn and a B.S. in Mathematics from the University of Detroit.

The Community Development Financial Institutions Fund will operate programs that provide financial and technical assistance as well as other forms of support to community development financial institutions. The fund will also provide economic incentives to encourage banks, credit unions and other insured depository institutions to provide financial assistance to CDFIs and to expand their community service and lending efforts.

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