Up to 200,000 individuals and families could be eligible for home loans within the next five years because of a $35 billion investment plan by FannieMae, the nation’s largest source of financing for home mortgages.
Called “The American Dream Commitment,” it is part of the Bush administration’s commitment to creating 5.5 million new homeowners by the end of the decade. This investment follows the successful completion of the $15 billion investment plan announced in 1998, which financed affordable housing for 135,000 Colorado families.
“Over the last three years, FannieMae has made homeownership possible for thousands of Colorado families,” said Sen. Wayne Allard, R-CO. “Affordable housing is a major challenge in our state and FannieMae brings innovative investments that leverage state and local initiatives and that results in more housing for our working families.”
U.S. Housing and Urban Development Secretary Mel Martinez was in Denver to announce the funds, along with Allard, Rep. Diana DeGette, D-CO, Tom Tancredo, R-CO, and Mark Udall, D-CO.
“FannieMae is a leader in bringing low-cost financing to families in our state,” DeGette said. “I applaud this new $35 billion commitment and look forward to working together to preserve affordable housing in our state.”
Denver Mayor Wellington Webb also attended the announcement, and told attendees how FannieMae has helped the capitol city.
“FannieMae has been a great partner for the city of Denver,” Webb said. “With the help of a $10 million line of credit from FannieMae, the city has built 549 units of housing.”
For more information on FannieMae’s American Dream for Colorado, call the consumer resource center at 800/732-6643, Monday through Friday, 7 a.m. to 3 p.m., MDT.