|
2001 Public/Private Partnership Awards MAYOR ALEXANDER PENELAS, MIAMI-DADE COUNTY OUTSTANDING ACHIEVEMENT
AWARD
MIAMI-DADE COUNTY AND FANNIE MAE House
South Florida is a five-year $14 billion lending and investment strategy
created by Fannie Mae in 1997 for the counties of Broward, Miami-Dade, Monroe and
Palm Beach. The plan provided homeownership and rental opportunities to 165,000
utilizing Fannie Mae financing. House South Florida was an expansion of House
Miami-Dade created in 1995 with a $5 billion commitment. During the five-year
period through July 2000, Fannie Mae has invested over $14.7 billion in
affordable mortgage financing assisting more than 169,599 families. The significant statistics of this financing
include: ·
52.1 percent assisted minority home buyers ·
39.5 percent assisted low- and moderate-income families ·
31.5 percent assisted first-time home buyers Fannie Mae works closely with all counties and many other housing
partners to expand homeownership opportunities, reduce consumer costs, break
down barriers to homeownership and serve as a catalytic force in the
revitalization of communities. Expanding
homeownership activities §
Invested $1
million in Community Development Financial Institution (CDFI) Initiative
through equity investments and certificate of deposits to Eagle National Bank,
Peoples National Bank, Continental National Bank and Gulf Bank. §
Provided $6.1 million in Down Payment Assistance
Investment Notes (DPAINs) to the Broward, Miami-Dade, and Palm Beach County
Housing Finance Authorities, and the Florida Housing Finance Corporation. These
DPAINs provided down payment and closing cost assistance for low- and
moderate-income families. §
Fannie Mae purchased $102 million in mortgage revenue
bonds with the Broward, Miami-Dade, and Palm Beach County Housing Finance
Authorities providing affordable housing to low- and moderate-income families. §
More than 5,255 families purchased homes in South
Florida using Fannie 97, our most flexible lending product, providing $396.0
million in financing to borrowers earning less than the area median income. Tailoring products to local needs Fannie Mae designed
several products to address mortgage-financing barriers identified by key
housing partners in the South Florida community: ·
The Neighborhood Infill & Stabilization Program
(NISP), a $3 million commitment, was created to address the disparity between
the market value and the cost of construction in low-income neighborhoods. §
To serve former recipients of public assistance and
very-low income individuals in Miami-Dade County, Fannie Mae approved Homeownership-Through-Work,
a $10 million mortgage experiment. §
Under the leadership of the Miami-Dade Housing Agency,
the American Dream Mortgage Guarantee Program, a $5 million commitment, was
designed to stimulate for-profit developers to create new housing in underserved
communities. Increasing
multifamily affordable housing Fannie
Mae also recognized the need of affordable rental housing as a critical issue.
In five years, Fannie Mae invested nearly $846.4 million in multifamily
developments providing more than 22,000 units of affordable rental housing. Fostering
economic development Through
its American Community Fund (ACF), Fannie Mae approved and invested $8.1 million in local affordable housing community
development ventures, including: §
Equity investments of $700,000 in Brownsville
Renaissance Shopping Center, a neighborhood center; $367,000 in Poinciana
Village, 24 new townhouse units; $432,000 in Point Royal Townhomes, 40 new
townhomes developed by Pinnacle Housing Group; and $1.293 million for The Shoppes
of Liberty City, a neighborhood center. §
Debt investments of: a $5 million line of credit to the
Miami-Dade Housing Agency; a $331,000 debt investment in Biscayne East, 15
townhouses developed by Little Haiti Housing Association and Al Townsel, Inc. Fighting
discrimination ·
CitiMortgage and Fannie Mae South Florida PO announced
a partnership to provide $1 billion in affordable mortgage lending in South
Florida over the next five-years §
Four South Florida counties (Monroe, Miami-Dade,
Broward, and Palm Beach) were selected to participate in Fannie Mae’s $100
million New Immigrants Underwriting Initiative. §
Fannie Mae continued to assist two faith-based
initiatives in the Miami-Dade County area: New Birth Baptist Church and San
Juan Bosco Catholic Church, granting more than $105,000 to support their
homeownership efforts in the African-American and Hispanic communities,
respectively. Raising
home-buyer awareness and building counseling capacity Partnership
Office training sessions on new affordable Fannie Mae housing products were
attended by more than 2,000 lenders, nonprofits, and real estate professionals.
§
Special training sessions on HomePath Adviser, Desktop
Home Counselor, Timely-Payment Reward, Condominium/PUD Approval, and Credit
Union Opportunities were held in conjunction with local lenders, nonprofits,
governmental agencies, real estate professionals and faith-based organizations. |