Fannie Mae's Northern Virginia Partnership Office Awards the Virginia Housing and Development Authority With the First New Dominion Award.

Business Editors

ARLINGTON, Va.--(BUSINESS WIRE)--June 4, 2002

Fannie Mae's Northern Virginia Partnership Office today honored the Virginia Housing and Development Authority (VHDA) and its Executive Director, Susan F. Dewey, as recipients of the New Dominion Award.

This new award recognizes individuals and organizations that have accomplished extraordinary achievements in building partnerships that successfully address housing challenges for Virginians. Fannie Mae (NYSE:FNM
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"I am very honored to accept the first New Dominion Award on behalf of the entire VHDA team, whose outstanding work makes an important difference in the lives of those we are pledged to serve," said Dewey. "The most successful organizations are comprised of people who come together and form partnerships, working together to achieve common goals. During the past few years at VHDA, my experience is that every accomplishment we've achieved has been through teamwork and by building partnerships with our stakeholders."

Dewey became executive director of VHDA in June 1999. VHDA is a self-supporting state authority that addresses the affordable housing needs of low- and moderate-income Virginians. During Dewey's tenure, VHDA has created Stakeholder Advisory Groups to expand and develop partnerships formed with different segments of the housing industry to promote affordable housing. VHDA also has initiated legislative roundtables to update local lawmakers and opinion leaders statewide on current housing issues.

VHDA recently completed the first statewide Housing Needs Assessment, in cooperation with the Virginia Department of Housing and Community Development, which will serve as a roadmap for VHDA moving forward. Earlier this year VHDA played key roles in 1) providing homeownership counseling to Fairfax County's new Section 8 Homeownership initiative; 2) revitalizing three targeted areas of Fairfax County by providing special mortgage funds to low- and moderate-income families; and 3) increasing homeownership opportunities in the city of Alexandria through VHDA's Sponsoring Partnerships and Revitalizing Communities (SPARC) program.

"We are very proud to present this inaugural award to Susan Dewey and her team at VHDA," said David Jeffers, director of Fannie Mae's Northern Virginia Partnership Office. "Susan's vision and leadership have made an enormously important contribution to the housing needs of people in every urban, suburban and rural region of the Commonwealth."

Prior to joining VHDA, Dewey was state treasurer of Virginia, appointed by then-Governor George Allen in 1996, a position she held for three years. She served on 16 state boards and authorities, including the VHDA Board of Commissioners, and worked on numerous public policy issues during her tenure as state treasurer.

Fannie Mae is a New York Stock Exchange company and the largest non-bank financial services company in the world. It operates pursuant to a federal charter and is the nation's largest source of financing for home mortgages. Fannie Mae is working to shrink the nation's "homeownership gaps" through a $2 trillion "American Dream Commitment" to increase homeownership rates and serve 18 million targeted American families by the end of the decade. Since 1968, Fannie Mae has provided more than $3.8 trillion of mortgage financing for over 44 million families. More information about Fannie Mae can be found on the Internet at http://www.fanniemae.com.

Style Usage: Fannie Mae's Board of Directors has authorized the company to operate as "Fannie Mae," and the company's stock is now listed on the NYSE as "Fannie Mae." In order to facilitate clarity and avoid confusion, news organizations are asked to refer the company exclusively as "Fannie Mae."