Fannie Mae Announces $10 Billion N. Virginia Housing Program Wesley Housing Hosts Press Conference

November 1, 2000, Falls Church, VA

On November 1, 2000, Fannie Mae Chairman and CEO Franklin D. Raines announced, at Wesley Housing's Wexford Manor Apartments, a new Northern Virginia initiative which would supply $10 billion over five years to provide housing for low and moderate income families.

At the press conference, Wexford Manor was held up as an example of a successful public/private/non-profit partnership. Fannie Mae helped finance the Wexford Manor rehabilitation by making a tax credit equity investment through Wesley Housing's equity partner, Enterprise Social Investment Corporation (ESIC), a subsidiary of the Enterprise Foundation.

Fannie Mae also announced a $25,000 grant to be made to Wesley Housing for the new computer center at Wexford Manor. Said Wesley Housing Board Chairman Zack Bumpus, "This kind of support goes a long way toward helping us achieve our mission."

Fannie Mae's $10 billion support will come in the form of debt and equity financing for community development and revitalization in the region. Fannie Mae will form partnerships with lenders, banks, real estate professionals and other organizations.

"Fannie Mae's investment will be a boon for everyone who is working to make affordable housing available," explained Wesley Housing President/CEO Alvin Smuzynski. "Northern Virginia families will be the direct beneficiaries of this initiative."

Fannie Mae's House Northern Virginia initiative, and its new Northern Virginia Partnership Office, will serve a 17-county geographic area. The Partnership Office is expected to open in January, 2001.