Carper, Castle, and Fannie Mae Announce $2.5 Billion Housing Investment Plan for Delaware, New Partnership Office to be Established: Milford Housing Corporation Receive Additional $15, 000 Grant

WILMINGTON, DE – Long-time supporters of ensuring low and moderate income families have access to affordable housing, Delaware Senator Thomas R. Carper and Congressman Michael N. Castle today joined Fannie Mae in unveiling a $2.5 billion housing investment plan for community development, affordable mortgage financing, and multifamily housing in Delaware. The plan will include investment dollars for conventional first mortgages and mortgage experiments (such a rural housing), affordable rental properties, community development/redevelopment and the purchase of low-income and historic tax credits. A Fannie Mae Delaware Partnership Office will be established to execute the implementation of this investment plan. “Over 20,000 Delaware families can find housing help thanks to this new office,” Carper said.”This initiative is a unique public/private partnership between Fannie Mae and the community. 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. We welcome Fannie Mae to our small state and look for great things from the partnership.” “Ensuring our low and moderate income families have access to affordable housing has always been a Delaware priority and we are excited to welcome Fannie Mae’s assistance in our endeavor,” Castle said. “The infusion of available dollars and the resources of the new Partnership office will help many Delawareans afford their first home or remortgage their assets, provide affordable rental properties, develop blighted communities and attract other investors to Delaware.” Additionally, Carper and Castle announced that Fannie Mae has awarded a $15,000 grant to the Milford Housing Development Corporation, an organization that works with lower-income households in rural Delaware. The grant will support pre- and post-purchase counseling, construction, training, and outreach to families interested in homeownership.