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NEW SOURCE OF FUNDING MAKES HOUSING MORE AFFORDABLE FOR HUNDREDS OF LOW- AND MODERATE-INCOME BOULDER HOME BUYERS

NEW SOURCE OF FUNDING MAKES HOUSING MORE AFFORDABLE FOR HUNDREDS OF
 LOW- AND MODERATE-INCOME BOULDER HOME BUYERS
 WASHINGTON, July 9 /PRNewswire/ -- Low- and moderate-income families in the city of Boulder, Colo., and throughout El Paso County in Colorado will have access to below-market mortgage rates through an affordable-housing finance initiative announced today by the Federal National Mortgage Association (Fannie Mae) (NYSE: FNM).
 Fannie Mae, the nation's largest investor in home mortgages, has agreed to purchase $2 million in mortgage revenue bonds that will be targeted for Boulder and will provide financing for 30-year, fixed- rate FHA/VA and conventional home loans at 7.38 percent. The bonds will be backed by GNMA certificates and Fannie Mae Mortgage-Backed Securities (MBS).
 Home buyers seeking conventional loans will have the option of using the Community Home Buyer's Program, which is designed for low- and moderate-income families who have good credit, but who may not qualify for traditional underwriting standards.
 The City of Boulder Housing Division is offering low-interest loans and grants up to $4,000 to cover closing costs on the mortgages through their Closing Cost Assistance Program.
 "It is through innovative financing mechanisms like this that the dream of homeownership can become a reality for more low- and moderate-income families in the Boulder area," said Sen. Timothy Wirth (D-Colo.), a leading advocate of affordable housing legislation in the Senate.
 "Affordable housing in Boulder is critically needed," said Karen Thoreson, director of the Division of Housing, City of Boulder. "Fannie Mae's Community Home Buyer's Program coupled with our own Closing Cost Assistance Program allows us to assist those families who would otherwise be shut out of the housing market."
 "This transaction enables the City of Boulder to qualify lower income borrowers for home financing," added Judy Dedmon, senior vice president of Fannie Mae's Dallas-based, 10-state southwestern regional office. "In addition, Boulder home buyers benefit from the Community Home Buyer's more flexible underwriting standards, reduced closing costs, and from the valuable home buyer education." Affiliated National Bank will offer the mortgage loans on a first- come, first-served basis to low- and moderate-income households in Boulder.
 "Affiliated National Bank is committed to serving all of the mortgage needs in our community," said Ed Lister, vice president and manager of mortgage loans for Affiliated National Bank. "We're pleased to participate in this special program and look forward to helping first-time home buyers."
 Home buyers' eligibility for participation in the home finance program will depend upon home prices and family incomes; limits on both will vary by location.
 Interested home buyers should contact Affiliated National Bank at 303-442-6770 to determine specific eligibility.
 Fannie Mae also purchased $10 million in mortgage revenue bonds issued by the Housing Authority of the City of Colorado Springs for El Paso County residents. Total purchases to date with the county are $24.2 million, assisting approximately 400 home buyers.
 Fannie Mae, the United States' Housing Partner, is a congressionally chartered, shareholder-owned company and the nation's largest investor in home mortgages.
 -0- 7/9/92
 /CONTACT: Janice Daue of Fannie Mae, 202-752-3421/
 (FNM) CO: Federal National Mortgage Association ST: Colorado IN: FIN SU:


IH -- DC017 -- 7925 07/09/92 14:55 EDT
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Date:Jul 9, 1992
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