The Washington, D.C.-based Fannie Mae Foundation has announced a $300 million contribution of common stock from Fannie Mae — a provider of financial products and services that make it possible for low-, moderate- and middle-income familiies to buy homes of their own — to fund the foundation's mission of expanding affordable housing opportunities and strengthening neighborhoods in communities across America.
The foundation's focus over the next five years will be to promote wealth creation by focusing its efforts on helping families prepare for and sustain homeownership and to increase the nation's supply of affordable housing. The foundation's programs include Building Neighborhood Assets, which concentrates on revitalization efforts in Washington, D.C., Chicago, Dallas, Newark, New Jersey, Los Angeles, and Philadelphia; and the Home Team Program, which joins National Basketball Association teams with local nonprofits to revitalize inner-city neighborhoods and provide home-buying information to help more Americans achieve the dream of homeownership. In addition, the foundation will work to fund market-based approaches to housing and community development and will continue to support homeless service providers in the Greater Washington area through its annual Help the Homeless campaign, the nation's largest fundraiser dedicated to homelessness.
"We are proud of how the Fannie Mae Foundation has changed the landscape of housing and community development in America by toppling barriers to decent housing, wider homeownership and stronger, healthier communities," said Fannie Mae chairman and CEO Franklin D. Raines. "This stock contribution will make the Fannie Mae Foundation, and its nonprofit partners all over America, even more of a force for positive change."
In addition to housing and community development, the foundation's broad focus in Washington includes supporting civic engagement, youth development, and arts and humanities programs. The foundation also has worked closely with Howard University to restore and rehabilitate homes and improve the quality of life in the LeDroit Park neighborhood.