Mead Housing Forms Nonprofit Loan Unit

George W. Durade, former regional loan supervisor for Home Savings of America, has been named president of the newly formed Mead Housing Mortgage Co.

The new nonprofit mortgage entity will consolidate borrowing and lending functions for Mead Housing, 1664 Wilshire Blvd., which builds single-family houses for moderate-income residents in South Central Los Angeles, Watts, Willowbrook, Compton, Pomona, Pacoima and San Fernando.

“Equity capital for the new mortgage company is provided by the Mead Housing Assistance Foundation,” according to Donald B. Nicolson, president of Mead Housing. “We are taking immediate steps to secure all government approvals to enable us to operate effectively.”

Mead Housing was created in 1967 by a trust left by William and Nella Mead, who believed that “individual ownership of homes contributed to better communities, family solidarity and good citizenship.”

Prices for new Mead homes start at $53,000 and the company has built more than 1,900 since it began operations.