DATE: Saturday, March 29, 1997              TAG: 9703290592
SECTION: BUSINESS                PAGE: D1   EDITION: FINAL 

TYPE: Briefs 

                                            LENGTH:   53 lines

DAILY BRIEFING

HAMPTON ROADS

PARTNERSHIP APPLIES FOR FUNDS: The Hampton Roads Partnership is applying for up to $3 million in state funds to implement strategic goals for the region outlined in Plan 2007.

Four Hampton Roads mayors - those of Chesapeake, Hampton, Norfolk and Virginia Beach - have endorsed the effort to acquire state funds through the Regional Competitiveness Act, said Barry DuVal, president of the Hampton Roads Partnership.

Those mayors sit on the executive committee of the Hampton Roads Partnership, a group of 53 community leaders representing the military, educational, political and business sectors of the region. The organization's goal is to improve Hampton Roads' competitiveness by setting a strategic economic agenda.

The mayors on the partnership's executive committee are, in turn, asking for the blessing of the other Hampton Roads mayors and managers.

Hampton Roads is eligible for $1.5 million to $3 million in state funding for fiscal year 1997-98 through the Regional Competitiveness Act, legislation that resulted from the Urban Partnership, DuVal said.

The Regional Competitiveness Act established a state-funded, regional development-incentive fund available to local governments agreeing to join regional partnerships. The General Assembly appropriated $6 million to this fund.

The state department of Housing and Community Development is accepting applications from regional groups in the state's various planning districts. The partnership, which will work with the Hampton Roads Planning District Commission, must submit its application by June 30.

Awards will be announced and money distributed in September.

DOUGHTIE'S SALES: The Portsmouth-based company reported sales in 1996 totaled $80.6 million compared to $76.6 million for the 1995 fiscal year. Earnings for 1996 were $927,800 or 93 cents per share compared to a loss of $1.2 million or $1.20 per share in 1995. Fourth quarter sales of $20.2 million with earnings of $445,500 or 45 cents per share compared to fourth quarter sales of $17,888 with loss of $790,600 or 78 cents per share in 1995. The company's stockholders' equity was $8.07 per share as of December 28, 1996.

NATION

MORTGAGE RATES RISING: To home buyers, the Federal Reserve Board's decision this week to increase a key interest rate likely caused little surprise - mortgage rates already were rising and are likely to continue to move up for at least a while longer, according to housing-industry economists. Even before the Fed acted Tuesday to increase the benchmark federal funds rate, mortgage rates had been climbing. They're now at the highest point so far this year - 7.97 percent for the average 30-year fixed mortgage.

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