Carper Applaus Fannie Mae Partnership Announcment, Joins in Opening of Office, First of its Kind Partnership will Help Hundreds of Families

WILMINGTON, DE – Senator Tom Carper (D-Del) today joined an announcement by Fannie Mae that it is forming a partnership with the Delaware State Housing Authority (DSHA) that will make homeownership more affordable for lower-income Delawareans. Carper, who had urged Fannie Mae Chairman Frank Raines to create a Delaware office, joined in the announcement at the grand opening of Fannie Mae’s Partnership Office in the Brandywine Building in downtown Wilmington. The partnership plan includes the purchase of up to $30 million in tax-exempt mortgage revenue bonds from DSHA, and the securitization of conventional loans, originated under the bond program, into Mortgage-Backed Securities. This will help around 250 Delawareans secure low-interest loans to own their own home. “Hundreds of families will be able to find housing thanks to this unique partnership. Fannie Mae’s investment in the community ensures that Delaware’s working families will have access to affordable mortgages and access to the American dream of home ownership,” said Carper, a member of the Senate Committee on Banking, Housing and Urban Affairs. “Fannie Mae’s new alliance with DSHA will also encourage greater investment in our communities.” This new partnership is the latest sign of Fannie Mae affording help to Delawareans: in January, Carper joined Fannie Mae in unveiling a $2.5 billion housing investment plan for community development, affordable mortgage financing, and multifamily housing in Delaware. This summer Senator Carper joined with Delaware families and state and federal housing experts for a series of summits, across all three counties, designed to address the growing problem of access to affordable housing.