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New York Bank Asks Parent of Florida Housing Communities to Make Payments.

By Sarah Skidmore, The Florida Times-Union, Jacksonville Knight Ridder/Tribune Business News

Oct. 30--A New York bank is asking the financially beleaguered parent company of Cypress Village and four other Jacksonville housing communities to repay a $63 million debt.

St. Louis non-profit National Benevolent Association is struggling with $216 million in debt, including a $63 million letter of credit with KBC Bank in New York. The letter of credit expired in September, and the bank has asked the company to begin payments in December, according to a letter

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