Submitted by Fannie Mae
The City of Pittsburgh and Fannie Mae (FNM/NYSE), the nation’s largest source of financing for home mortgages, today announced that Fannie Mae will provide the city with a $4 million line of credit designed to provide funding for neighborhood development projects that address the city’s acute need for housing. The Urban Redevelopment Authority of Pittsburgh (URA) will manage the $4 million line of credit to finance the acquisition, construction and development of low- to moderate-income single family and multifamily housing in targeted neighborhoods throughout Pittsburgh.
"Fannie Mae is strongly committed to addressing the housing needs of this region’s neighborhoods," said Howard B. Slaughter, Jr., director of Fannie Mae’s Pittsburgh Partnership Office. "Today’s announcement exemplifies the type of partnership essential to creating unique opportunities by leveraging public funds to provide more affordable housing."
Fannie Mae’s investment was made through its American Communities FundSM (ACF), a debt and equity fund that provides capital to facilitate hard-to-finance housing and community development efforts. This investment will be used to leverage city funds to make short-term acquisition and construction loans for rehabilitation or new construction of housing in targeted neighborhoods.
"Fannie Mae is a great partner, and we are delighted to have another source of funds to get these and many other neighborhood developments off the ground," said Mulugetta Birru, executive director of URA.
For more information on Fannie Mae’s affordable mortgage products, or for a list of local lenders, consumers may call Fannie Mae’s Consumer Resource Center at 1-800-7FANNIE (1-800-732-6643), Monday through Friday, 8:00 a.m. to 5:00 p.m. EST.
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