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The Connecticut Partnership Office 207 Main Street, 2nd Floor Hartford, CT 06106 (860) 278-3936

The Connecticut Partnership Office 207 Main Street, 2nd Floor Hartford, CT 06106 (860) 278-3936. Fannie Mae’s Mission.

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The Connecticut Partnership Office 207 Main Street, 2nd Floor Hartford, CT 06106 (860) 278-3936

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  1. The Connecticut Partnership Office 207 Main Street, 2nd Floor Hartford, CT 06106 (860) 278-3936

  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.

  3. Fannie Mae Today • New York Stock Exchange Company (FNM) • Largest non-bank financial services company in the world • >$837.7 billion in assets • $69 billion multifamily portfolio • 31st largest Federal tax payer in the U.S. • Finances 1 out of every 4 mortgages in America • 4,300 employees

  4. Capitalmarket Homebuyer Fannie Mae Lender Wall Street investors Primary market Secondary market U.S. Housing Finance Markets

  5. Affordable Housing Goals2001-2003 • Low-to-Moderate Income 50% • Under-served Areas 31% • Special Affordable 20% • Special Affordable Multifamily $2.85B

  6. Our Partnership Offices Northern New England Puget Sound North Dakota Montana Minne- sota NE & Ctrl Pennsylvania W & Ctrl NY Massachusetts Rhode Island SouthDakota Wiscon- sin Connecticut Oregon/ Idaho Mich- Igan New York Pittsburgh Wyoming New Jersey Chicago N.Ohio Nebraska Iowa Baltimore Ctrl & S Ohio Washington, DC Indiana Bay Area Utah Northern Virginia Nevada Colorado St.Louis Kansas City Kentucky NorthCarolina Tennessee Los Angeles Okla- homa SouthCarolina NewMexico Phoenix Alabama Mississippi Atlanta San Antonio Louisiana Central Florida Houston Location of regional office Border Region South Florida

  7. The American Dream Commitment • $2 Trillion in Investments • 10 years (2001-2009) • 18 Million Families • 3 Million Minority Homeowners

  8. The American Dream Commitment • Mortgage Consumer Bill of Rights • National Minority Homeownership Initiative • Opportunity For All Strategy • America’s Living Communities Plan • eHomeownership • Affordable Rental Housing Leadership Initiative

  9. Mortgage ConsumerBill of Rights • The right to access mortgage credit • The right to the lowest-cost mortgage for which consumer can qualify • The right to know the true mortgage costs • The right to be free of regulatory burden • The right to know basis of lender’s mortgage decision

  10. National Minority Homeownership Initiative • Help lead a comprehensive nationwide campaign to increase minority homeownership rates by challenging the public and private sectors to create five million new homeowners through 2009. • Lead in lending to all minorities. • Continue to lead the fight to end discrimination in the mortgage finance system.

  11. Opportunity for All Strategy • Help create 12 million new home buyers through 2009 to raise the national homeownership rate to at least 70 percent • Close gaps between the housing “haves” and “haven’t yets.” • Focus on women-headed households, young families, urban residents, new immigrants, people with special needs • Create new approaches and products to serve the uniquehousing needs of seniors and people with special needs

  12. eHomeownership • Develop and grow e-commerce strategies that will help lower costs and allow lenders to customize home mortgages for individual needs • Develop and distribute technology tools that will help new entrants offer underserved populations the best mortgage financing available. • Be the secondary market partner of choice for new entrants and trusted advisors to expand homeownership opportunities for minorities and other underserved communities.

  13. eHomeownership: Action Steps • Make the “True Cost Calculator” available through the Internet. • Develop Fannie Mae’s “Home Funds Source” Internet application to help leverage available public funds to assist new home buyers. • Create on-line products and services to expand markets and reach underserved populations.

  14. America’s Living Communities Plan • Be America’s premier catalytic partner in effective community development ventures • Build and sustain strong communities through focused investments • Support our investments in homes through related community development investments

  15. Affordable Rental Housing Leadership Initiative • Maintain our leadership in affordable rental housing finance • Help increase the supply of affordable rental housing through equity and debt investments • Support community development with targeted multifamily investments • Build new leadership in smaller properties

  16. * • Increase overall lending throughout CT • Facilitate an increase in minority lending • Assist owners of small rental properties to access financing CONNECTICUT INVESTMENT PLAN • Assist targeted community development where possible

  17. Fannie Mae is probably the largest investor in your community, no matter where you live in CT! Goal: $7 billion over 5years - 68,000 units Reached in 4 years with $7.6 billion and 68,000 units. New Goal - $10 billion over 5 years

  18. Minority Homeownership Rates Lag Far Behind Whites 74.0% 47.5% 46.1% Whites African-Americans Hispanics

  19. Minority Homeownership Rates in Connecticut

  20. Major City Homeownership Rates

  21. Benefits of Homeownership • Equity buildup & wealth creation • Stable housing costs • Tax advantages • Greater choice of neighborhoods • Pride of ownership • Stronger sense of community • Improved educational performance K-12

  22. Income & Wealth of Renters: 1998

  23. CTPO Housing Investment Goals • Down Payment Assistance Programs including Employer Assisted Housing • Expanded Investment in affordable homeownership • Investment in rehabilitation of 1-4 family, owner occupied units and 5-50 multifamily units including units for seniors • Education of elected officials & business leaders on Connecticut’s Affordable Housing needs • Establish partners for CRA lending • Cultivate partnerships to foster neighborhood revitalization

  24. Minority Lending Activities Call SONO Home Hartford Remodeler Scoville Homes CRA Lending Other targeted initiatives

  25. Financing Small Rental&Targeted Community Development • Liberty Bank Aggregation Pilot • 5-50 units, 80% LTV, 1.25 DCR, 10 yr term • American Communities Fund • Equity & mezzanine debt transaction • construction loan participations • Tax exempt bond transactions • Tax credit investments • historic and low income housing tax credits

  26. Institutional/Neighborhood Partnerships Development Partnerships Sponsorship for Employee Involvement Support for Broader Agenda

  27. Institutional Sponsorship Financial Literacy in Schools Prepare youth and families for budget management Understanding credit/financial terms Employer Assisted Housing Provide financial incentives Marketing and outreach Capacity Building & Support Board development Resource development

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