Cities and Local Agencies Join With Fannie Mae to Build Affordable Housing

摘要

Cities and local agencies are addressing a key component of the housing crisis — the supply side — with the help of Fannie Mae, California's largest investor in low-income housing tax credits for affordable rental housing. Fannie Mae invests in mortgage revenue bonds, which provide below-market financing for first-time homebuyers. Communities such as Los Angeles, Brea, San Francisco and El Monte have been working with Fannie Mae to increase the supply of housing. To do this, Fannie Mae: 1. Invests equity in both homeownership and affordable rental housing developments; 2. Participates in construction and predevelopment loans, both with traditional lenders and community development financial institutions; 3. Makes loans to cities, redevelopment agencies and public housing authorities; and 4. Can commit in advance to locking in an interest rate and purchasing a rental housing project's mortgage loan when the project is completed.