Flint Families Find New Home in Innovative Affordable Housing Development.

WALNUT CREEK, Calif. -- Flint Mayor Donald Williamson today joined community leaders and local housing partners to celebrate the revitalization of the Dayton Heights neighborhood, an affordable housing development built on tax-reverted land, the first initiative of its kind in the nation.

Where vacant lots once dotted the neighborhood, custom-built homes now stand as a sign of hope for Flint families in need of affordable housing. Through the Flint Gateway Initiative, Mission of Peace CDC, a faith-based, non-profit organization that provides homeownership counseling, sponsored the construction of eight new houses. Six of the houses are complete; two others are still under construction.

The Gateway Initiative is a coalition of local housing partners working together to improve the community.

"We are excited and proud to see so many organizations commit to the revitalization of Flint neighborhoods and the development of affordable housing opportunities," said Rev. Elmira Smith-Vincent, executive director of Mission of Peace CDC. "The Dayton Heights neighborhood exemplifies the power to transform and preserve our community. We are thankful for the support Mission of Peace has received from the Charter Township of Flint, the U.S. Department of Housing and Urban Development, and the Genesee County Land Bank Authority. I would also like to thank The PMI Group for recognizing the need for affordable housing and selecting Mission of Peace as its partner in the Flint Gateway Initiative."

Mission of Peace CDC acquired the foreclosed land through a revolving fund established by PMI Mortgage Insurance Co., a subsidiary of The PMI Group, Inc. (NYSE:PMI). PMI contributed $100,000 to the fund as part of the Gateway Cities Initiative, a project dedicated to revitalizing underserved communities across the United States. Mission of Peace CDC will access the revolving fund to purchase land, build new houses, and rehabilitate existing homes that will be available to first-time homebuyers for purchase. Proceeds from the home sales are returned to the fund and used to build more homes in the community.

"The Mission of Peace homeownership project was the very first project with the Genesee Land Bank," said Dan Kildee, Genesee County Treasurer and President of the Genesee County Land Bank Authority. "I am proud of this partnership, and especially proud to be associated with Genesee County's newest homeowners. I am excited to see this initiative grow."

Four families already call the neighborhood home, having recently moved in to new houses, and another family is in the process of purchasing one of the houses.

"PMI is proud of the strong partnership we have developed with Mission of Peace," said Jean Garrison, Expanding Markets Consultant for PMI Mortgage Insurance Co. "This is a great example of the private sector in partnership with the non-profit sector meeting the needs of underserved communities and promoting affordable housing opportunities."

PMI has successfully implemented Gateway neighborhoods in cities across the United States, including Los Angeles, CA, Houston, TX, and Chicago, IL.

Mission of Peace CDC

Mission of Peace CDC is a faith-based, non-profit organization based in Flint, Michigan, that provides homeownership counseling to individuals and families. Mission of Peace CDC is a U.S. Department of Housing and Urban Development National Housing Counseling Agency with an affiliate network of housing counseling agencies throughout the United States. Mission of Peace CDC provides a full range of comprehensive counseling for individuals with different income levels, including down payment assistance, pre- and post-purchase counseling, foreclosure prevention, and credit counseling. Mission of Peace CDC housing programs include the design and development of newly built homes, and the acquisition and rehabilitation of existing homes for the purpose of providing affordable housing.

The PMI Group, Inc.

The PMI Group, Inc. (NYSE:PMI), headquartered in Walnut Creek, CA, is an international provider of credit enhancement products that promote homeownership and facilitate mortgage transactions in the capital markets. Through its wholly owned subsidiaries and unconsolidated strategic investments, the company offers residential mortgage insurance and credit enhancement products domestically and internationally, financial guaranty insurance, and financial guaranty reinsurance. Through its subsidiaries, The PMI Group, Inc. is one of the world's largest providers of private mortgage insurance with operations in the United States, Australia, New Zealand, and the European Union, as well as one of the largest providers of mortgage guaranty reinsurance in Hong Kong. For more information: www.pmigroup.com.