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
Presented ByMaria Day-MarshallSenior Business Manager
Historically Black Colleges and Universities Conference
“Leadership, Sustainability, and Succession Planning”
October 26–28, 2005
“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
55 Community Business Centers
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 eventsRole of the Community Business Centers
Expand Access to Homeownership
Make Homeownership & Rental Housing Successful
Increase the Supply of Affordable Housing
Transform 50 Targeted Communities
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.
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.
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.
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.
financing 42 units of single family homes;
Source: Howard University LeDroit Park Initiative, Sorg and Associates
Fannie Mae can: