Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, September 24, 1993                   TAG: 9309240099
SECTION: BUSINESS                    PAGE: A-7   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

First Union National Bank of Virginia said Thursday it will provide direct subsidies totaling $784,000 for six housing developments in Richmond, Staunton and several rural counties.

The projects are to provide affordable housing for 195 low- and moderate-income families through construction or rehabilitation of homes or mortgage assistance for home buyers.

The subsidies are through a special program of the Federal Home Loan Bank of Atlanta. First Union is the conduit bank for the funds.

About $300,000 will subsidize the Federation of Appalachian Housing Enterprises Inc. of the Southwest Virginia Loan Fund for 63 homes in 16 rural counties in Southwest Virginia.

Virginia Mountain Housing Inc. will receive a $120,000 subsidy for its Shenandoah Valley Regional Loan Fund Demonstration for 40 homes in six counties.

In a similar program, Virginia Mountain Housing will get $150,000 for 50 homes in five southeast Virginia counties. - Staff report

Peebles to open store in Covington

Peebles Inc., the Southside Virginia-based department store chain, said Thursday it is planning to open a store in Covington in a building occupied until last December by a Leggett store.

Opening of the new store - the fourth announced or opened by Peebles in Western Virginia in recent weeks - is scheduled for mid-November.

Earlier this month, Peebles opened a store in the New River Valley Mall in Christiansburg and is planning new stores in Rocky Mount and Waynesboro. Peebles, based in South Hill, operates 51 department stores in eight Southern states.

"Certainly with the loss of Leggett, the [Covington] market is underserved as far as traditional department stores are concerned," Mike Moorman, Peebles chairman and chief executive officer, said in a statement announcing the new store. - Staff report

Brendle's to sell distribution center

Brendle's Stores Inc., Elkin, N.C.-based retailer with stores in Western Virginia, said Thursday it has agreed to sell its distribution center in Elkin for $5.25 million. Proceeds from the sale are part of the funding requirements for Brendle's reorganization plan filed with bankruptcy court Tuesday.

The buyer's identity was not disclosed. Brendle's will lease the facility long-term. - Staff report