A r c h i v e d  I n f o r m a t i o n

   FOR RELEASE                             Contact: Stephanie Babyak    April 1, 1994                                      (202) 401-2311 

RILEY NAMES NEW HBCU CAPITAL FINANCING ADVISORY BOARD

Authorized by the Higher Education Amendments of 1992, the Historically Black Colleges and Universities (HBCU) Capital Financing Program provides federal financial guarantees for bonds to fund private-sector construction loans to qualified HBCUs.

The board advises the secretary and the designated bonding authority on colleges' financial needs and the best means to address those needs through the program. The board also makes recommendations on how to improve program implementation and operation.

"Through this program, HBCUs can take advantage of low- interest loans for badly needed repair and construction of classrooms and other campus facilities," Riley said. "The board's counsel will be important to the program's success, and I am pleased that these outstanding individuals have agreed to help."

The nine appointees are:

• Thomas W. Cole, Jr., president, Clark Atlanta University, Atlanta, Ga.;

• Edward B. Fort, chancellor of North Carolina A&T State University, Greensboro, N.C.;

• Ernest G. Green, managing director, Lehman Brothers, Washington, D.C.;

• Katherine P. Mitchell, president, Shorter College, North Little Rock, Ark.;

• Dolores M. Spikes, president, Southern University and A&M College System, Baton Rouge, La.;

• Cordell Wynn, president, Stillman College, Tuscaloosa, Ala.

• William H. Gray III, president and chief executive officer, United Negro College Fund, New York, N.Y.;

• Samuel L. Myers, president, National Association for Equal Opportunity in Higher Education, Washington, D.C.

• Catherine W. LeBlanc, executive director, White House Initiative on Historically Black Colleges and Universities, U.S. Department of Education, Washington, D.C.