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Fannie Mae: Your Partner in Community Development

Fannie Mae: Your Partner in Community Development. Presented By Maria Day-Marshall Senior Business Manager Historically Black Colleges and Universities Conference “Leadership, Sustainability, and Succession Planning” Savannah, Georgia October 26–28, 2005. Fannie Mae’s Mission.

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Fannie Mae: Your Partner in Community Development

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  1. Fannie Mae:Your Partner in Community Development Presented ByMaria Day-MarshallSenior Business Manager Historically Black Colleges and Universities Conference “Leadership, Sustainability, and Succession Planning” Savannah, Georgia October 26–28, 2005

  2. Fannie Mae’s Mission “At Fannie Mae, we are in the American Dream business. Our Mission is to tear down barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans. Because having a safe place to call home strengthens families, communities, and our nation as a whole.” Be the partner of anyone who cares about housing and communities Tackle the toughest housing problems in America

  3. Fannie Mae is a Leader in the US Housing Finance Industry • Created as the Federal National Mortgage Association (FNMA) by the United States Congress in 1938 to establish a secondary market facility and credit guarantor for residential mortgages • In 1968, Fannie Mae became a privately owned and managed for- profit corporation listed on the New York Stock Exchange (FNM) • By law, Fannie Mae can only deal in home mortgages, and our primary focus is on mortgages for low-and moderate-income families • Largest non-bank financial services company in the world • Manage over $1.5 trillion in mortgages • Issue mortgage backed securities (MBS) • Purchase loans and MBS to hold in portfolio

  4. Fannie Mae is in Your Community • Three Regional Offices • Fifty-five Community Business Centers • Fannie Mae Community Business Centers are working in communities across the country with our partners—lenders, nonprofits, real estate professionals, state and local housing finance agencies, and others—to revitalize communities and increase the supply of affordable rental and for-sale housing. 55 Community Business Centers

  5. Understand and articulate local housing challenges Identify/facilitate/drive business Develop and test new ideas Build and maintain partnerships Leverage network partnerships and resources Support our community partners Be the eyes, ears and voice for Fannie Mae in local markets Tell the story – executing events Role of the Community Business Centers • Solve the toughest local housing problems, communityby community • Demonstrate the impact of Fannie Mae to each community

  6. Some of our Community Partners • National Association of Housing and Redevelopment Officials (NAHRO) • National Association of Local Housing Finance Agencies (NALHFA) • National Bankers Assocation (NBA) • National Community Capital Corporation (NCCC) • National Council of La Raza (NCLR) • National Council of State Housing Agencies (NCSHA) • Neighborhood Reinvestment Corporation/ National Housing Services (NRC/ NHS) • National Urban League (NUL) • Neighborhood Reinvestment Corp. (NRC) • ACORN • AFL-CIO • American League of Financial Institutions (ALFI) • Asian, Inc. • Black Chamber of Commerce • Congressional Black Caucus (CBC) • Congressional Hispanic Caucus (CHC) • Congress of National Black Churches (CNBC) • Enterprise Foundation • Hispanic Congressional Caucus (HCC) • League of United Latin American Citizens (LULAC) • Local Initiatives Support Corporation (LISC) • NAACP • National Association of Hispanic Real Estate Professionals (NAHREP)

  7. American Dream Commitment 3.0 Expand Access to Homeownership Make Homeownership & Rental Housing Successful Increase the Supply of Affordable Housing Transform 50 Targeted Communities

  8. Why We Are Here To share information on Fannie Mae’s role in community development and how Fannie Mae can work with Historically Black Colleges and Universities to assist communities in providing affordable for-sale and rental housing to low- and moderate- income families. To develop partnerships with Historically Black Colleges and Universities to assist in revitalizing their communities.

  9. Howard University LeDroit Park Initiative, Washington, DC The emergence of the Howard University LeDroit Park Initiative coincided with the investment of over $160 million in housing, commercial and public benefit development in the LeDroit Park/ U Street community. This includes over $70 million in investment created by the Initiative. Investment in housing, retail, dining and commercial establishments gave rise to new jobs, more tourism, increasing revenues for the city, and a renewed sense of community for one of Washington, DC’s most historic neighborhoods.

  10. In 1995, a partnership between Howard University and Fannie Mae was formed. The neighborhood population was approximately 18,700 with a median household income of approximately $34,550 and a median home value of $128,203. Approximately 28% of the population had incomes under $15,000 and approximately 17.2% of the population could qualify to purchase a home priced at the median home value. The results of the partnership are apparent as the once blighted neighborhood has been transformed into one that attracted the famous African-Americans who resided there in the past. Participants in this effort have always envisioned the Howard-sponsored redevelopment as a catalyst for other private and publicly sponsored revitalization activities in the neighborhoods and along the Georgia Avenue Corridor.

  11. Investment Plan Goal No. 7 MEETING COMMUNITY DEVELOPMENT NEEDS Complete the Howard University/LeDroit Park Neighborhood Partners Initiative. Provide $40 million in housing development financing. Partner with the city and the federal Department of Transportation to leverage the construction of $5 million in new construction streetscape improvements in historic LeDroit Park into $20 million to repair and rebuild infrastructure throughout the balance of the 150-block focus area, and support the redevelopment of the infrastructure and streetscape along Georgia Avenue. • Provided, facilitated and/or achieved over $70 million supporting the revitalization of the LeDroit Park Community including the financing of over 273 units of affordable housing.Specific initiatives included: • $800,000 in pre-development and EAHP funding financing 42 units of single family homes; • $2.5 million in construction financing approved for ACF participation in the Riggs line of credit; • $5 million ACF participation with SunTrust to acquire and rehabilitate 75 vacant properties in LeDroit Park; • $5 million in MRBs to provide mortgages for 156 units in the Lincoln Condominiums project; • $8 million in targeted mortgage revenue bonds for single family homes; and • $1.4 million to support the financing of the DC Housing Finance Agency at 9th & “U” Streets. Source: Howard University LeDroit Park Initiative, Sorg and Associates • Completed

  12. Town Homes in LeDroit Park at 6th & “U” Streets - BEFORE

  13. Town Homes in LeDroit Park at 6th & “U” Streets - AFTER

  14. Town homes in LeDroit Park at Oakdale Street - BEFORE

  15. Town homes in LeDroit Park at Oakdale Street - AFTER

  16. Town homes in Le Droit Park at 5th & U Streets - DURING

  17. Town homes in Le Droit Park at 5th & U Streets AFTER

  18. Fannie Mae and HBCU’s in Partnership Fannie Mae can: • Provide a line of credit to colleges and universities to expand their housing program in their immediate neighborhood. • Work with DUS lenders financing multifamily development to provide construction financing. • Help the colleges and universities develop an Employer Assisted Housing (EAH) program for faculty members and staff to encourage them to purchase homes in the neighborhoods adjoining the college. • Provide financing to the Housing Authority in the community to modernize its housing stock. • Provide financing to the Housing Authority for Hope IV development through partnership with lenders for construction and mortgage financing • Partner with the cities and mortgage lenders to expand mortgage products for homebuyers in the neighborhood. • Provide technical, industry and market resources to assist a mobilized group of community partners to prepare and implement a master community redevelopment plan.

  19. Advantages to Doing Business With Fannie Mae • In the Market Every Business Day • In Every Market in the Country • Breadth/Variety of Innovative Products • Dependability, Integrity, and Liquidity • Competitive Pricing • Unmatched Commitment to Preserving Affordable Housing

  20. For More Information on Fannie Mae Visit us online to locate your Community Business Center www.fanniemae.com For specific questions contact Maria Day-Marshall at Maria_k_day-marshall@fanniemae.com (202) 752-3916

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